Subsequent to the shareholders’ decision in June 2021 to increase the company’s capital, GTC offered 55,000,000 O-series bearer shares. On the back of strong demand the Company eventually sold as many as 88,700,000 shares at PLN 6.40 per share, raising new capital of approx. EUR 123 million.
The transaction was conducted in the accelerated book-build process, which started on Tuesday, 14 December and closed on Thursday, 16 December. Over the two days numerous Polish and international investors placed their demand declarations significantly oversubscribing the base offer of 55,000,000 new shares. On the back of strong demand, the Company decided to increase the offer size by more than 60% and finally to allocate 88,700,000 shares at PLN 6.40 per share, raising approx. EUR 123 million, which will be used to strengthen capital structure of the Group and fund future growth.
“We are very happy to be able to conduct such a successful transaction at the year end with such an enormous interest from our current but also new investors, which allowed us to upsize the transaction and limit the discount to the market price. It proves high demand for GTC’s shares and confirms our strategy and market position.” – Yovav Carmi, President of the Management Board of GTC commented.
