City Interactive to embark upon GPW

2007-03-30

City Interactive, a Warsaw-based producer of computer games, is going to debut on the Warsaw Stock Exchange (GPW) at the end of May or the beginning of June 2007. The IPO should bring in several tens of millions of zloty.
The company is working, at the moment, on its issue prospectus, so that it can be submitted to the Financial Supervisory Authority (KNF) in April. The shares to be issued will account for around 20% of the company’s increased capital. The funds raised via the IPO are to be used for international expansion: City Interactive intends to become a leading global producer of so-called value, i.e., popular and cheap, games.
According to the company’s calculations, gross profit in 2006 came to PLN 3m (€0.77m) and sales revenues stood at PLN 15m (€3.8m), 50% more than those of the previous year. Net profit doubled in 2006 in comparison with the figure for 2005. Plans for 2007 envisage revenues growing by 20-30%.

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