Bezvavlasy launches public share offering on BCPP's Start market

Prague, Aug 18 (CTK) - Hair cosmetics retailer Bezvavlasy is launching a public offering of shares on the Start market of the Prague Stock Exchange (BCPP) today and its owners intend to raise up to Kc214m by selling the shares, transaction adviser Frantisek Bostl from company Starteepo told CTK today.

The bezvavlasy.cz online store operated by the company has been on the market since 2009. Aside from Czechia, which makes up 69 percent of the turnover, it is also active in Slovakia and Hungary.

Last year, the company's sales grew by 29 percent yr/yr to Kc450m. Its EBITDA (earnings before interest, taxes, depreciation and amortisation) rose by 46 percent to Kc41.3m and net profit after tax more than doubled to Kc32.6m.

The company plans to enter other European markets as well. Everything will be managed from Prague, and goods will be sent to the whole of Europe from the central distribution centre in western Bohemia, where logistics will be moved next year, said Ales Hudecek, the current board chairman and shareholder.

The share offering will be divided into two parts. In the first private part, 50,000 shares (5 percent of the company) will be sold at a price of Kc490 apiece. The buyers will be Jaroslav Sura (33,000 shares), Bostl's fund Starteepo Invest (16,000) and the firm's head Jaromir Muchka (1,000).

In the second public part, 30 percent of the shares will be offered in the form of an auction on the Start market in a price range from Kc490 to Kc630 per share. The auction will run from today, August 18, until September 1, when the opportunity to place an order will end at 12:00. The minimum investment is set at 40 shares.

In the event of a successful sale of the shares, Bezvavlasy would be the second publicly traded e-commerce company on the Prague market after online pharmacy Pilulka.cz.

The Start market is intended for small and medium-sized developing Czech companies, representing a way for them to obtain capital directly from investors under simplified conditions.

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