Smyk will be listed on the stock exchange in November. The maximum price was set at PLN 13 per share
The public offering of Smyk Holding includes no more than 13,636,364 new shares issued and no more than 18,410,214 existing shares sold by AMC V Gandalf SA. The maximum price of the offered shares was set at PLN 13 per share, Smyk announced in the prospectus. The company expects gross proceeds from the issue of new shares to amount to approximately PLN 150 million.
Individual investors can subscribe for Smyk's shares from October 23 to 29, 2025. During this time, the book-building process among institutional investors will also continue.
Subscriptions for shares from individual investors will be accepted at the maximum price set at PLN 13 per share.
The offer will be addressed to individual and institutional investors in Poland and to selected international institutional investors in specific jurisdictions.
Up to 15 percent for individual investors
It is expected that individual investors will be allocated from 10%. up to 15 percent the final number of shares offered.
As stated, the final number and final price of shares offered to each category of investors will be determined after the book-building process among institutional investors is completed and is expected to be published around October 30, 2025.
The first day of trading was in November
The first day of quotation of Smyk shares on the Warsaw Stock Exchange will be around November 7, 2025.
The Global Co-Coordinators and Co-Bookrunners are: Barclays Bank Ireland PLC, Pekao Investment Banking and UniCredit Bank GmbH (Milan Branch), while the Co-Bookrunner and the Investment Company acting as an intermediary in the public offering is Bank Polska Kasa Dobrze – Pekao Brokerage House.
As stated, the intention of the company and the selling shareholder is to determine the final number and price of the shares offered in such a way that the company's gross proceeds from the issue of new shares amount to approximately PLN 150 million, and the total number of offered shares purchased in the offer represents approximately 45%. share capital after the registration of new shares and after the issuance of series E shares under the incentive program established in the company.
After the offer, the selling shareholder will remain the majority shareholder of Smyk, and President Michał Grom plans to maintain (indirectly) a controlling stake in the company for the foreseeable future.
Smyk and the selling shareholder will undertake not to offer or sell the company's shares for a period of 360 days from the date of the first listing of the shares on the WSE, with certain customary exclusions. Moreover, the selling shareholder will incur an additional obligation not to sell the voting preference shares held by him (the economic benefits from which Michał Grom is contractually entitled to): (i) until the expiry of a period of 4 years from the date of the first quotation or (ii) until the date of sale by the selling shareholder of the last shares held by him other than voting preference shares.
IPO goal? PLN 150 million
Smyk expects to obtain approximately PLN 150 million gross from the issue of new shares.
The funds are to be used to strengthen the financial position through partial repayment of bank debt and to finance the group's further development strategy. The Management Board expects that the partial repayment of bank debt will reduce the net debt/adjusted EBITDA ratio (excluding one-off items) to 1.6x and will contribute to reducing the group's financial costs.
Smyk operates on the children's products market in Poland. According to a report prepared by the strategic consulting company OC&C, in 2024 the group owned 14.3 percent. share in the main target market, including children's fashion, toys and games, and children's equipment and accessories.
In addition to its domestic operations, the group is strengthening its position as one of the leading retailers of children's products in the Central and Eastern European region, expanding its operations in Romania and planning further expansion in selected CEE markets.
At the end of June 2025, the Smyk Group's sales network included 253 own stores in Poland and 35 in Romania. The group also operates to a limited extent in Ukraine (12 stores at the end of June 2025). Stationary stores are integrated with the online store and mobile application, available in Poland and Romania. The products offered by the group are also available in 20 countries in Europe and Asia through a partner network.
As part of its international expansion, in August 2025 the group opened its first stationary store in Slovakia, and in 2026 it also plans to open its own stores in the Czech Republic and Bulgaria.
The toy business amounts to billions
In 2024, revenues from contracts with customers achieved by the Smyk group reached approximately PLN 2.25 billion, which means an increase of approximately 6%. compared to 2023. The operating profit generated last year amounted to approximately PLN 118.9 million (+91% yoy), while adjusted EBITDA (excluding one-off items) reached approximately PLN 301.7 million (+18% yoy).
In the first half of 2025, revenues from contracts with Smyk group customers amounted to approximately PLN 985.1 million (+0.5% yoy), operating profit reached approximately PLN 15 million (compared to a loss of approximately PLN 12.3 million in the first half of 2024), and adjusted EBITDA amounted to approximately PLN 105.3 million (+26.9% yoy).
As reported, in the third quarter of 2025, revenues from contracts with customers increased at a rate close to the average of several percent year-on-year.
Stores in Central Europe are planned
The Smyk group's strategy is based on three pillars: increasing multi-channel sales in LFL terms by increasing traffic and the value of the shopping basket; expansion of the store network in Poland and Romania; expansion into new markets – both through its own branches in the omnichannel model and through partnership cooperation.
In 2025-2026, Smyk Group plans to open a total of over 35 new stores in Poland, Romania, the Czech Republic, Slovakia and Bulgaria.
In both the short and medium term, Smyk assumes an increase in the number of group stores by approximately 15-20 per year, an increase in sales revenues at the level of low to medium-several percent in the short-term and at the high level of several percent in the medium-term.
The company plans to maintain the adjusted EBITDA margin (excluding one-off items) in the short and medium term at a level similar to the level recorded in recent years.
The assumed capital expenditure, reflecting the group's further investments in new stores and maintaining existing stores, is approximately PLN 60 million per year in the short term and over PLN 60 million per year in the medium term.
The management board announces dividends
The Management Board intends to recommend the payment of a dividend to shareholders starting from the distribution of profit for 2026 (paid in 2027) in the amount of 30%. up to 50 percent net profit.
As indicated in the report, the level of recommended dividend payment may be increased in years in which the group achieves: “exceptionally good financial results”.
“Despite the observed demographic trends, we are recording a stable increase in revenues and profitability. Our response to these challenges is, among other things, international expansion. We have successfully implemented the business model proven on the Polish market in Romania and are expanding it to other markets in the region. (…) We are also constantly working on the development of our offer, directing it to wider and wider age groups,” he said, quoted in the press release. president of Smyk, Michał Grom.
“We believe that Smyk will be an interesting investment proposition for a wide range of investors,” added the president. (PAP Business)
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