The Polish Financial Supervision Authority has approved Grupa Pracuj’s prospectus in connection with the planned initial public offering of the company on the Warsaw Stock Exchange this year.

The public offer of Grupa Pracuj will cover 22,380,626 existing shares, representing 32.86% of the total share capital. The maximum price was set at PLN 82 ($19.9 U.S.) per share. This means that the value of the offer may reach PLN 1.8 billion ($437.8 million U.S.) while the company valuation will be around PLN 5.5 billion ($1.3 billion U.S.).

The final share price for retail investors and the final share price for institutional investors will be determined following the book-building process of institutional investors, which takes place on Nov 17-24. The first day of listing the company’s shares on the WSE will be around Dec. 9.

Currently, the company’s largest shareholder is Przemysław Gacek (LinkedIn profile), co-founder and CEO of Grupa Pracuj. He holds 54.71% of the share capital and the total votes at the General Meeting, including 51% indirectly through wholly-owned Frascati Investments. Other major shareholders include the TCV equity fund, which invested in the company in 2017 (26.66%), and Maciej Noga (LinkedIn profile), co-founder of Grupa Pracuj and current president of the Supervisory Board (10.22%).

After completion of the offering, Przemysław Gacek will remain, directly and indirectly through Frascati Investments, the majority shareholder of the company. The shares will be offered in a public offering conducted solely in Poland and directed to institutional and retail investors. The shares may be also placed to certain institutional investors outside of the United States.

Grupa Pracuj operates the No. 1 recruitment vertical in Poland and the leading Ukrainian job site It also owns the applicant tracking system ERecruiter, programming school Coders Lab and has been a minority shareholder at the employee wellbeing platform WorkSmile since July.

In Q1-Q3 of 2021, Grupa Pracuj saw revenue of PLN 344 million ($86.7 million U.S.) – up by 60% from PLN 215 million ($54.2 million U.S.) in a similar period in FY2021. Grupa Pracuj’s Q1-Q3 of FY2021 adjusted EBITDA amounted to PLN200 million ($50.4 million U.S.) – up by 88% from PLN 108 million ($27.2 million U.S.) in Q1-Q3 of FY2020.

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