TMS to raise up to $50 million in IPO
The broker expects to raise between $40 million and $50 million from shares priced at about $28.4 based on market capitalisation and total shares figures provided by TMS. The initial public offering price is based on current market multiples, compared with other brokers listed on the Warsaw Stock Exchange.
"The multiples of these companies related to their earning is roughly 20 times," said Michael Kowalczewski, head of Mercurius Dom Maklerski. "We can expect a little discount but it should be
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