News
New listing of PASSUS
14
The company PASSUS S.A. was newly listed on the GPW Main Market on 10 January 2023.
PASSUS S.A. is the 416th company listed on the GPW Main Market and the first new listing on the Main Market in 2023.
Key information
|
company name |
PASSUS S.A |
|
companies listed on the market |
416 |
|
new listings in 2023 |
1 |
|
market (main/parallel) |
parallel (transfer from NewConnect) |
|
business sector |
Software |
|
companies in the sector |
18 |
|
seat |
Warsaw |
|
Polish/foreign |
Polish |
|
core business |
Passus Group is a software developer and integrator of IT products. The Group specialises in areas related to network and application business continuity, performance and cyber security, and provides Amazon Web Services (AWS) cloud services |
|
offering/sale |
No offering |
|
offering value* |
- |
|
reference price |
Closing price on NC on 9 January 2023 |
|
company valuation* |
PLN 63.41 million |
|
value of introduced instruments* |
PLN 55.10 million |
|
% free float (below 5% in shares subject to the application) |
32.15 % |
|
free float value* in shares subject to the application |
PLN 17.71 million |
|
% free float in all shares (below 5%) |
32.89 % |
|
free float value* in all shares |
PLN 20.86 million |
|
Legal Advisor |
CMS Cameron McKenna Nabarro Olswang Pośniak i Bejm sp.k. |
|
Auditor |
Grant Thornton Polska Prosta spółka akcyjna |
|
Investment Firm |
Dom Maklerski NAVIGATOR SA |
* based on the average price of the Company’s shares in the NC ATS for the last 3 months preceding the date of the application for admission, equal to PLN 30.89
Issuer’s history and business
Passus S.A. as an independent legal entity has been operating since 2014, when persons affiliated with Passus Sp. z o.o. established a joint-stock company and bought an organised part of the enterprise comprising the Networks and R&D Divisions from the limited liability company.
Passus S.A. based in Warsaw is a Polish manufacturer and integrator of highly specialised IT solutions for the largest private companies and public sector institutions. The company was founded on the basis of the team operating until 2014 within Passus Sp. z o.o.
The activity Passus Group includes the following business segments:
- Proprietary Products, a segment which comprises the sale of software developed by the Group’s engineers and programmers as well as related maintenance services. This business is carried out within Passus S.A (profit centres: Moszczenica Branch and Sycope Division). Ultimately, it will be transferred to the newly established company Sycope S.A.
- IT Integration, a segment which includes projects based on IT solutions developed by third parties and the Group’s own products. This includes: supply of devices and licences and their extensions, implementation services, technical support services, warranties, training and programming work, which consists in adapting third-party solutions to individual customer needs. As at the Prospectus Date, this business is carried out within Passus S.A (profit centres: Networks and Security Divisions) and Wisenet sp. o.o.
- AWS Services, a segment which comprises projects implemented using the Amazon Web Services cloud platform. This business is carried out within Chaos Gears S.A.
The company’s shares were listed in the NewConnect Alternative Trading System as of 17 July 2018.
The company did not conduct a public offering because it transferred to the GPW Main Market.
Issuer’s Group’s selected financials (PLN’000):
|
|
Q3 2022 (unaudited) |
2021 |
2020 |
2019 |
|
Sales revenue |
37 681 |
63 008 |
42 390 |
32 096 |
|
Net profit |
681 |
6 756 |
2 256 |
(59) |
|
Equity |
15 616 |
14 951 |
7 743 |
4 733 |
|
Non-current liabilities |
1 919 |
710 |
730 |
363 |
|
Current liabilities |
28 497 |
43 899 |
27 568 |
38 111 |
|
Total assets |
46 032 |
59 560 |
36 041 |
43 207 |
|
Net change in cash and cash equivalents |
(3 998) |
5 005 |
(10 354) |
13 003 |
|
Cash at the end of the period |
6 176 |
10 174 |
5 177 |
15 541 |
1,783,700 shares with a nominal value of PLN 0.10 each and a total nominal value of PLN 178,370 were admitted to trading on the GPW parallel market, including:
- 999,900 series A ordinary bearer shares,
- 100 series A1 ordinary bearer shares,
- 71,400 series B ordinary bearer shares,
- 63,400 series D ordinary bearer shares,
- 400,600 series E ordinary bearer shares,
- 248,300 series F ordinary bearer shares.
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