Global law firm White & Case LLP has advised the managers on the initial public offering (IPO) and admission to trading of shares in Murapol S.A., one of the largest residential developers in Poland, on the regulated market of the Warsaw Stock Exchange (WSE) – the first IPO on the WSE this year.

Erste Group Bank AG, Erste Securities Polska S.A., Pekao Investment Banking S.A., Santander Bank Polska S.A. – Santander Biuro Maklerskie and Banco Santander S.A. acted as joint global coordinators and joint bookrunners. Bank Polska Kasa Opieki S.A. – Biuro Maklerskie Pekao acted as the investment firm intermediating in the public offering, joint bookrunner and stabilization manager. Erste Securities Polska S.A. and Santander Bank Polska S.A. – Santander Biuro Maklerskie also acted as investment firms co-intermediating in the public offering.

The shares debuted on the WSE on December 15, 2023. The share price in the public offering was set at PLN 33 per share and the final number of shares offered was 12,240,000, constituting 30 percent of Murapol’s share capital. The value of the IPO was approximately PLN 404 million. The offering included only existing shares sold by AEREF V PL Investment S.à r.l., Murapol’s majority shareholder, belonging to real estate funds managed by Ares Management, a leading global alternative investment manager.

The transaction was conducted via a public offering in Poland directed to Polish retail and institutional investors, and by a global offering addressed to institutional investors in other jurisdictions outside the United States in accordance with Regulation S of the United States Securities Act of 1933, as amended.

The White & Case team in Warsaw that advised on the transaction included partners Marcin Studniarek and Rafał Kamiński, local partner Monika Dużyńska and associates Dawid Książek and Michał Truszczyński.