Altus Drops in Warsaw Trade Debut After $57 Million IPO

Altus TFI SA, a Polish asset management company, declined on its first day of trading in Warsaw after selling 175 million zloty ($57 million) of shares in an initial public offering.

The shares fell as much as 1.4 percent and traded 1.1 percent lower at 9.4 zloty by 9:09 a.m. in Warsaw. The fund raised 155.6 million zloty for takeovers while its shareholders sold 19 million zloty of shares in the IPO at 9.5 zloty each.

Polish mutual funds, which managed 203 billion zloty of assets in June, have been among the country’s most rapidly growing financial-services companies over the past decade as Poles sought higher returns amid record-low interest rates. Altus, which manages 3.4 billion zloty of assets, saw its profit soaring 79 percent to 37.6 million zloty in 2013.

Altus plans to buy another “mid-sized” fund, Chief Executive Officer and its founder Piotr Osiecki said on June 11, without naming any potential takeover targets.

The company could buy a fund from Bank BPH SA or Skarbiec TFI SA from Enterprise Investors Sp. z o.o., Puls Biznesu reported June 10. In November, BPH, controlled by General Electric Co., dropped plans to sell its fund to Investors Holding SA after Poland’s financial supervisor opposed the deal.

Altus is the 16th company to start trading on the Warsaw Stock Exchange’s main market this year, according to the bourse’s website. Polish rail-building company Torpol SA jumped as much as 6.9 percent on its July 8 debut after selling 184 million zloty of shares. Aluminum products maker Alumetal SA, in which Abris Capital sold 293 million zloty of shares to the public, plans to debut in Warsaw next week.

Mercurius Financial Advisors Sp. z o.o., Dom Inwestycyjny Investors SA, Trigon Dom Maklerski SA and Dom Maklerski Raiffeisen Bank Polska SA helped manage Altus’s IPO.

Before it's here, it's on the Bloomberg Terminal.