White & Case advises managers on ROBYG’s PLN 1.178 billion Warsaw Stock Exchange IPO

Global law firm White & Case LLP has advised the managers on the approximately PLN 1.178 billion (€274 million) initial public offering and listing of shares of ROBYG S.A. (ROBYG) on the regulated market of the Warsaw Stock Exchange.

The offering comprised 25 million existing shares held by TAG Beteiligungs- und Immobilienverwaltungs GmbH, a wholly owned subsidiary of TAG Immobilien AG, and approximately 9.6 million newly issued shares in ROBYG.

In parallel with the offering, ROBYG issued Series C shares, which were offered to selected key managers of ROBYG, members of ROBYG's management board and the Chairman of its Supervisory Board. Total gross proceeds from the issue of the newly issued shares and management shares amounted to approximately PLN 402 million.

ROBYG's successful offering attracted strong interest from both international and Polish investors, with the book several times oversubscribed at the final offer price.

The shares were offered in a public offering in Poland to both institutional and retail investors. The offering was also addressed to qualified investors in Europe, pursuant to Regulation S under the US Securities Act and to qualified institutional buyers in the United States in reliance on Rule 144A under the US Securities Act.

Erste Group Bank AG, Goldman Sachs Bank Europe SE and mBank S.A. acted as joint global coordinators and joint bookrunners. WOOD & Company Financial Services, a.s. Spółka Akcyjna, Oddział w Polsce acted as joint bookrunner. mBank S.A. acted in addition as investment firm and Erste Securities Polska S.A. acted as a co-offering agent in the offering. Baader Bank Aktiengesellschaft acts as co-lead manager and Investment Banking S.A. acted as financial advisor.

Following completion of the offering, TAG Beteiligungs- und Immobilienverwaltungs GmbH will remain the majority shareholder of the Company, holding shares representing 65.85% of its share capital.

ROBYG Group is one of Poland's leading residential property developers. It has been operating in the market for 26 years and carries out projects in the country's largest urban areas, including Warsaw, the Tricity, Wrocław, Poznań and Łódź. The Group is also launching its first residential developments in Cracow.

The White & Case team which advised on the transaction included partners Marcin Studniarek (Warsaw), Melissa Butler and Inigo Esteve (both London), local partner Monika Dużyńska (Warsaw), counsel Doron Loewinger (London), and associates Dawid Książek, Michał Truszczyński and Robert Szumiłowski (all Warsaw) and George Davie (London).

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