Polish Debt Collector Completes $134 million IPO

Eastern European receivables management and debt collection company Kruk S.A. completed a $134.9 million IPO this week, according to capital markets publication Euro Week.

A total of 9.3 million shares were sold. Approximately 10 percent of the offering was sold in the retail market.

Kruk initially announced that it was considering an IPO in December 2010, and affirmed in early April that it would be offering shares.

Kruk bills itself as a leader in the Polish receivables management market and one of the main providers of debt collection services in Romania.

The KRUK Group is a provider of multiple debt collection services and the only company in the Polish market purchasing large debt portfolios on its own account and offering contingency debt collection. The KRUK Group includes a credit information bureau (ERIF Register of Debtors), a debt collection company (KRUK SA), a detective bureau, a law firm (RAVEN) and securitization funds (Prokura NS CIF, Prokulus NS CIF). KRUK works with the largest banks and financial institutions in Poland and with providers of consumer services such as telecoms, leasing companies, insurance companies, digital and cable TV operators, etc. In 2007 KRUK established a subsidiary in Romania (KRUK International) whose business is similar to the business of KRUK in Poland. The KRUK Group has a 27 per cent share in the Polish receivables management market and a 20 per cent share of the Romanian market.