Rymarz Zdort Maruta advises Murapol S.A. on its IPO and listing on the WSE

Rymarz Zdort Maruta provided legal advice on Polish law to Murapol S.A. (the “Company”), and its majority shareholder, AEREF V PL Investment S.à r.l., as the selling shareholder (the “Selling Shareholder”) in connection with the Company’s initial public offering (the “IPO”) addressed to domestic individual and institutional investors and selected foreign institutional investors under US Regulation S under the Securities Act of 1933, and the admission and introduction of the shares to trading on the regulated market operated by the Warsaw Stock Exchange (Giełda Papierów Wartościowych w Warszawie S.A.).

As part of the offering, the Selling Shareholder allotted 12,240,000 existing shares in the Company in the IPO (including 1,224,000 stabilisation shares), representing 30% of its share capital. The total value of the IPO was approximately PLN 404 million, and the capitalisation of the Company (based on the final price of the shares offered to institutional and retail investors) was approximately PLN 1.35 billion. On 15 December 2023, the Company’s shares debuted on the main market of the Warsaw Stock Exchange, which was the first stock exchange debut preceded by an IPO in the past two years.

The Company was advised by Freshfields Bruckhaus Deringer LLP, acting as legal co-counsel, on English and US law.

“We congratulate Murapol S.A. on joining the group of companies listed on the main market operated by the Warsaw Stock Exchange and all of the parties involved in this eagerly awaited debut. We are pleased that the public offering of the shares in the company met with great interest from investors, including a large number of individual investors. We are proud that our many years of experience in providing legal services in connection with IPOs and our knowledge of the Polish capital market are appreciated by clients and leading investment firms,” said Ewa Bober, a partner in the firm’s corporate department and a member of the equity capital markets team.

The Murapol Group, present on the market for over 20 years, is one of the largest and most experienced residential developers in Poland. It mainly offers apartments in the most popular market segments, but also in the premium segment with additional amenities such as anti-smog packages and smart home solutions.

AEREF V PL Investment S.à r.l. is an entity belonging to the funds managed by the Real Estate Group at Ares Management, a leading global alternative investment manager.

The transaction team was led by partner Ewa Bober in association with Paweł Zdort (managing partner) and included Karolina Kłos (senior associate), Bartłomiej Skwarliński (associate) and Piotr Sławek (associate). In real estate matters, the team was supported by Tomasz Bąkowski (senior associate) and Alicja Szymańska (associate). Support in the transaction was also provided by Jacek Zawadzki (partner), Michał Chyła (senior associate), Tomasz Kordala (senior associate), Maksymilian Kaszubowski (associate), Szymon Marciniak (associate), Justyna Niezgoda (associate), Marta Szczepkowska (associate) and Tomasz Wieczorek (associate).