News

Arlen Joins Public Companies Listed on the Warsaw Stock Exchange

Arlen, a manufacturer and distributor of specialised protective clothing, has been newly listed on the GPW Main Market. Its share price rose by 10% at the opening to PLN 38.5. It is the 407th company listed on the main market of the Warsaw Stock Exchange and the second new listing on the main market in 2025.

Investors took up 7.74 million series A shares in the public offering with a total value of PLN 270.9 million. The issue price was set at PLN 35. The reduction rate of subscriptions in the individual investor tranche reached 87%, which confirms not only strong interest in Arlen’s IPO but also the growing readiness of investors to invest capital in domestic companies listed on the Warsaw Stock Exchange.

“We are delighted that more and more companies are deciding to go public on the Exchange and raise capital for their growth plans. The example of Arlen, a family-owned company taking advantage of capital market opportunities to accelerate its expansion, is particularly relevant. These opportunities include both entry into new markets and potential acquisitions. We hope to see more such new listings later this year. IPOs open an opportunity for investors to access dynamically growing industries. Arlen operates in a sector related to the defence industry, which gives it exposure to this expanding and promising segment of the economy,” said Tomasz Bardziłowski, President of the Management Board of the Warsaw Stock Exchange.

Arlen is one of the leading manufacturers of specialised protective clothing and equipment for uniformed services in Poland and Europe. The group has four production facilities in Poland, its own laboratory, a research and development centre, and modern logistics facilities. It serves customers in Germany, France, Spain, Norway, the Czech Republic, and the UK, among others. The company’s management has announced further international expansion and extension of the product range. The cash raised in the sale of shares is additionally expected to enable the start of production of advanced technical materials.

“It took us two years to get to this point. It has been a bumpy road, fraught with challenges and moments of doubt, but we have made it. I must stress that this is the result of the joint efforts of the entire Arlen team and the commitment of our advisors. The new listing gives us great satisfaction and represents a symbolic culmination of my 35-year professional career. Arlen is my child, a company that I have created from the very beginning. We already have two or three acquisition targets lined up, including a family company in Spain,” said Andrzej Tabaczynski, CEO and founder of Arlen.

Arlen’s advisors in the initial public offering included Dom Maklerski Navigator S.A., Pekao Investment Banking S.A., and Biuro Maklerskie Pekao (Bank Polska Kasa Opieki S.A.).

“We are very pleased with the new listing of Arlen. It is an extremely interesting company operating in the light defence industry which is becoming increasingly important on the capital market. We have worked closely with Arlen for more than three years, supporting the company in its preparations for the IPO. Thanks to our joint efforts, the company has now moved to a higher level. This new listing sends another positive signal for the entire market. We can see that the IPO segment is gradually reviving as more and more companies are considering getting floated on the Exchange,” said Dariusz Tenderenda, Member of the Management Board of Dom Maklerski Navigator.

Key information

* based on the selling price of the shares in the IPO equal to PLN 35.00

Issuer’s history and business

The company was established on 7 November 1995.

The Issuer is a Polish company specialising in the production of specialised protective and technical clothing which protects against weather factors (temperature, humidity, precipitation), imagewear, and warning clothing. The Issuer’s Group comprises a fabric manufacturer and companies producing protective clothing and imagewear, as well as companies distributing such products. This business is carried out by the Issuer as the majority shareholder of the subsidiaries.

The Group specialises in the production of specialised protective and technical clothing protecting against weather factors (temperature, humidity, precipitation), imagewear, and warning clothing. The Arlen Group is the leader on the Polish market and one of several leading players in Europe specialising in the production of specialised protective clothing (and backpacks) for all types of uniformed services. In the protective clothing segment, the Group offers laminated, waterproof, and vapour-permeable clothing, including clothing with camouflage printing (infrared remission), as well as static electricity protection and acid-resistant clothing. The individual companies of the Group specialise in specific textile segments. The Group’s companies include:

(a) Optex S.A. - a leading Polish manufacturer of technical, laminated, anti-static, flame-retardant, upholstery, and tablecloth fabrics. Optex S.A. manufactures clothing from waterproof and windproof fabrics (as well as backpack fabrics) for soldiers in the regular army, navy, special forces, as well as other uniformed formations, such as the Police, the Border Guard, the National Revenue Administration, the Road Transport Inspection; (b) Arlen-Tec sp. z o.o. - the company manufactures finished products based on orders, templates, cut-outs, and materials provided by the Issuer; (c) Tailor-ATG sp. z o.o. - the company provides sewing and embroidery services and manufactures clothing, including clothing for the uniformed services, as well as sports and corporate clothing; (d) Arlen Silesia sp. z o.o. - a special purpose vehicle (SPV) established to implement potential investments and new ventures in the Arlen Group which, as at the Prospectus Date, carries out no operational activity.

The key strategic objective of the Arlen Group approved under the Issuer Group’s strategy is to become a leading European manufacturer of specialised protective clothing, especially waterproof and vapour-permeable clothing, as well as other professional equipment and personal protection, i.e. backpacks/carriers, specialised footwear and gloves for uniformed services (army, police, special services, National Revenue Administration, Fire Service, and railways) in the tender market.

Selected financials of the Issuer’s Group (PLN’000):

                                                                         2024                2023                2022

Sales revenue                                           461 369           366 307           282 422

Net profit                                                     52 756             34 422             26 561

Equity                                                         246 983           190 957          152 950

Non-current liabilities                                28 968              30 796            29 060

Current liabilities                                         36 800             40 511            36 610 

Total assets                                                312 751           262 264          218 620

Total net cash flows                                    45 390             18 549             14 849

Cash – closing balance                              116 541            71 151             52 602

Issuer’s shareholders

Issuer’s shareholders after the IPO (based on the application for admission):

Shareholder                                Number of        Number of        % of shares            % of votes
                                                           shares                 votes                                                                             

A.T. Fundacja Rodzinna            13,330,000       13,330,000               60.09%                60.09%

Towarzystwo Funduszy
Inwestycyjnych PZU S.A.           1,500,000         1,500,000                 6.78%                   6.78%

Other                                           7,333,000         7,333,000               33.13%                 33.13%

Total                                           22,133,000       22,133,000                  100%                     100%
 

Newly introduced instruments:

- 21,120,000 series A ordinary bearer shares
- 1,013,000 series B1 ordinary bearer shares