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Diagnostyka debut on the Warsaw Stock Exchange

The company Diagnostyka S.A. was newly listed on the Main Market of the Warsaw Stock Exchange on 7 February 2025. The opening price was PLN 125.5, up 19.5% on the IPO price. The offering worth PLN 1.7 billion is one of the largest in the history of the Warsaw Stock Exchange.

The company’s IPO was met with great interest from investors. All the shares offered in the IPO were allotted to investors: a total of 16,147,124 shares. Individual investors received a pool of 800,000 shares while institutional investors received the remaining 15,347,124 shares. The share sale price was set at a maximum level of PLN 105, resulting in an offering value of nearly PLN 1.7 billion.

“11,000 individual investors subscribed for Diagnostyka's shares, but not everyone may be satisfied as the reduction rate was over 94 percent. The shares are currently gaining over 20 percent in price and continue to rally, which is a great success for the company,” said Tomasz Bardziłowski, President of the Warsaw Stock Exchange, during the company's new listing ceremony.

Diagnostyka is the 411^th company listed on the Main Market and the first new listing on the Main Market in 2025. The company owns the largest network of medical laboratories in Poland. Diagnostyka has been operating since 1998 and offers a wide range of laboratory and diagnostic tests. The company currently has 156 laboratories and more than 1,100 collection points across Poland. Diagnostyka employs around 7,000 staff, including 3,500 laboratory specialists. The company performs more than one million genetic tests each year and is a leader in the area of histopathology.

Key information

* based on the selling price equal to PLN 105.00

ISSUER’S HISTORY AND BUSINESS

The business, which was later continued by a registered company, was originally conducted in the form of a civil partnership starting in 1998.

Diagnostyka Medyczne Centrum Laboratoryjne sp. z o.o. was founded in 2001.

The company was transformed from a limited liability company into a limited partnership in 2008. The transformed company Diagnostyka Laboratoria Medyczne spółka z ograniczoną odpowiedzialnością spółka komandytowa was entered by the competent registration court in the Register of Entrepreneurs of the National Court Register on 1 December 2008.

The Company was transformed from a limited partnership into a limited liability company in 2011.

Another transformation took place in 2021: the competent registration court entered the transformation of the Company from a limited liability company into a joint stock company (under the new business name and legal form) DIAGNOSTYKA Spółka Akcyjna in the Register of Entrepreneurs of the National Court Register on 2 September 2021.

The Company was established for an indefinite period of time.

The Company (as the parent of the Group) has: (i) 16 direct subsidiaries; (ii) 6 indirect subsidiaries; (iii) 3 entities jointly controlled by the Company; and (iv) 2 related parties of the Company.

The Group is a one-stop-shop offering more than 4,000 types of high-quality laboratory tests, including basic tests, specialised tests (including cytology, histopathology, microbiology, genetics) and diagnostic imaging tests. The Group's offering covers the entire laboratory process from the collection of biological material through the transport of the material using the Group's network of 600 in-house couriers and the performance of tests in the Group's network of 156 laboratories to the delivery of the medical analysis results by a team of approximately 7,000, including approximately 3,500 laboratory specialists and 2,000 collection centre employees (in FTEs).

The Group's services are supported by a nationwide network of approximately 1,100 collection centres (owned or operated by subcontractors) located in all Polish cities with a population of more than 20,000. The Group's laboratory network is organised in a star-shaped constellation and positions itself as a centre for comprehensive diagnostics with a strong focus on fast-growing areas such as genetic testing, histopathology, and innovative AI solutions. Through a network of partner laboratories located in major cities such as Warsaw, Kraków, Wrocław and Poznań, the Group and its Affiliates perform more than one million genetic tests per year. The Group is a leader in histopathology with the largest team of histopathologists in Poland, supported by a proprietary IT system, performing more than 4 million tests per year and regularly publishing research in leading professional journals.

The Company's share capital amounts to PLN 33,756,500 and is divided into 33,756,500 shares with a nominal value of PLN 1.00 each, including:

• 6,372,379 series A registered shares, each conferring two votes,
• 6,372,379 series B registered shares, each conferring two votes,
• 3,186,189 series C registered shares, each conferring two votes,
• 1,420,700 series D ordinary bearer shares,
• 257,729 series E ordinary bearer shares,
• 16,147,124 series F ordinary bearer shares.

PUBLIC OFFERING

The Company did not issue any new shares in connection with the offering and admission to trading on the regulated market. The public offering only included the sale of the Company's existing series F shares.

Selling shareholder:  LX Beta S.à r.l. established in Luxembourg.

Number of shares offered for sale: 16,147,124 (series F shares).

Maximum price set in the prospectus: PLN 105.00.
Final price of shares offered to Institutional Investors: PLN 105.00.
Final price of shares offered to Retail Investors: PLN 105.00.

All offered shares were sold in the public offering, including:

• 15,347,124 shares to Institutional Investors,
• 800,000 shares to Retail Investors (allotted in the GPW IT system).

Total value of the public sale: PLN 1,695,448,020.00.

Shareholders after the sale offer

On 21 January 2025, the Company's shareholders: Jakub Swadźba, Grzegorz Głownia, Paweł Pirkl, Jacek Prusek and Marcin Fryda and, under the Underwriting Agreement, the Company and the Selling Shareholder entered into undertakings restricting, among others, the ability of these persons/entities and their subsidiaries to offer, pledge and sell the Company's shares for a period of 360 days from the date of the first listing of the Company's shares on GPW.

Selected consolidated financials (PLN’000):

Shares newly listed on the GPW Main Market

• 1,420,700 series D ordinary bearer shares,
• 257,729 series E ordinary bearer shares,
• 16,147,124 series F ordinary bearer shares.