Penta-backed Empik plans Warsaw IPO to raise €200m amid Polish retail revival
Penta-backed Empik plans Warsaw IPO to raise €200m amid Polish retail revival
The offering will be advised by Morgan Stanley and Trigon Dom Maklerski. Private equity firm Penta Investments, which owns 49% of Empik, is expected to sell part of its stake as part of the listing. The exact size and structure of the transaction have not yet been finalised.
Penta, which acquired Empik in 2012, restructured the business before selling a majority stake to the company’s CEO, Ewa Szmidt-Belcarz, in 2022. Under her leadership, the retailer has evolved from a traditional brick-and-mortar bookseller into a leading omnichannel platform, serving around 10 million online users annually.
In 2024, Empik reported revenues of 3.1bn zloty ($852m) and a core profit of 311m zloty. The company’s transformation has made it one of Poland’s most prominent e-commerce success stories.
The planned listing will follow that of smaller peer Smyk SA, another Penta-backed retailer that is preparing to raise 150m zloty in a Warsaw IPO to reduce debt and fund expansion abroad.
Empik’s potential float comes amid a revival in Poland’s equity market, with several consumer-focused companies exploring listings after years of muted activity. The deal is expected to test investor appetite for Polish retail and private equity-backed issuers.
Penta, Morgan Stanley, and Trigon declined to comment, while Empik said it does not comment on market speculation.
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