ROBYG S.A. (“ROBYG” or the “Company”), together with its subsidiaries (the “Group” or the “ROBYG Group”) and its parent company, TAG Beteiligungs- und Immobilienverwaltungs GmbH, has successfully allocated all shares offered in its initial public offering (IPO).
The total value of the offering amounted to PLN 1.178 billion, while gross proceeds from the issuance of new Series B and Series C shares reached approximately PLN 402 million. Around 488,000 shares were allocated to retail investors, with the remaining shares allocated to Polish and international institutional investors.
ROBYG shares are set to debut on the main market of the Warsaw Stock Exchange on 2 July.
“Since our previous presence on the Warsaw Stock Exchange, we have consistently expanded in the Polish market and significantly increased the scale of the Group’s operations. Today, ROBYG returns to the Polish capital market as a mature organisation prepared for further growth.
“I am pleased that investors recognised our potential, as reflected in the multiple oversubscription of the order book at the final offer price. First and foremost, we would like to thank our customers. Their trust, repeat purchases and recommendations have helped ROBYG reach its current position.
“For years, we have aimed to deliver more by developing projects across different price segments and consistently providing added value to customers. We would also like to thank the banks financing our projects for their long-term support and understanding of the Group’s business model, as well as investors and shareholders for their confidence in our strategy.
“We see this as an important confirmation of ROBYG’s achievements to date and of its prospects for further development,” said Oscar Kazanelson, Chairman of the Supervisory Board of ROBYG S.A.
Eyal Keltsh, President of the Management Board of ROBYG S.A., said the response to the offering represented an important sign of confidence in the Group’s strategy and growth potential.
“We see the reception of our offering by capital market participants as an important vote of confidence in the actions we have taken and in ROBYG’s future potential. We would like to thank everyone involved in preparing and carrying out this process, as well as investors for their interest and constructive discussions.
“The next stages of our strategy include further scaling up the business, launching new projects and consistently strengthening our position in Poland’s largest residential markets. We believe that the funds raised and our presence on the Warsaw Stock Exchange will support the Company’s long-term development, to the benefit of customers and shareholders,” Keltsh said.
PLN 402 Million for Further Growth
As part of the IPO, investors were allocated 25 million existing ROBYG shares held by TAG and 9.6 million newly issued ROBYG shares. The offer price was set at PLN 34.00 per share.
As a result, the value of the offering amounted to PLN 1.178 billion, while the Company raised PLN 328 million in gross proceeds from the issue of new Series B shares.
Alongside the offering, ROBYG issued approximately 2.4 million registered Series C ordinary shares. These were offered to selected key managers of the Group, members of the Company’s Management Board and the Chairman of the Supervisory Board.
The total gross proceeds from the issue of Series B and Series C shares amounted to approximately PLN 402 million. The funds will be used to support the further development of the Group, particularly through the expansion of its land bank.
“We believe that we are well prepared to operate as a public company, both organisationally, operationally and financially. We expect that our listing on the Warsaw Stock Exchange will improve the Group’s access to capital, support further land acquisitions and enable the consistent implementation of our long-term growth strategy while maintaining a strong and prudent financial position.
“At the same time, we remain committed to balancing business growth with a responsible dividend policy and a predictable approach to creating value for our shareholders,” said Marta Hejak, Vice-President of the Management Board and Chief Financial Officer of ROBYG S.A.
Major Residential Developer in Poland
ROBYG Group is one of Poland’s leading residential property developers. The Group has operated in the market for 26 years and develops projects in the country’s largest urban areas, including Warsaw, the Tri-City, Wrocław, Poznań and Łódź. It is also starting its first residential investments in Kraków.
To date, the Group has contracted around 38,000 apartments and handed over approximately 34,000 units to customers. ROBYG’s land bank enables the construction of around 18,000 apartments, concentrated primarily in Poland’s largest and most liquid residential markets.
The Group operates across all price segments, ranging from more affordable apartments to premium developments. Its main focus remains the mid-market segment, where demand remains strongest.
“The preparation and execution of the offering required substantial commitment from many teams and efficient coordination across the organisation. For us, completing this transaction is an important milestone, but above all a starting point for further work on expanding our project portfolio.
“ROBYG currently has a well-balanced land bank which, in our view, will support our development activity in the coming years and allow us to flexibly plan project launches depending on market conditions. At the same time, we remain actively interested in acquiring new land.
“Our goal is to carry out selective transactions that will secure future property supply and support the Group’s long-term value,” said Artur Ceglarz, Vice-President of the Management Board of ROBYG S.A.
ROBYG’s Key Strengths
ROBYG is one of Poland’s leading residential developers, with 26 years of experience in multi-family housing projects. The scale of its operations, its recognisable brand and experience gained across different phases of the market cycle form the basis of the Group’s stable market position.
The Company operates in all price categories, from affordable housing to premium developments, while concentrating mainly on the mid-market segment. ROBYG also offers smart home solutions that are highly rated by customers and are intended to support buyer loyalty.
The Group operates through an integrated business model that combines development and general contracting capabilities. This structure enables ROBYG to manage the investment process efficiently, maintain cost discipline and generate recurring service revenues.
ROBYG is also consistently expanding its land bank, focusing on well-located sites with strong sales potential. Its disciplined land acquisition policy and ability to secure investment sites at an early stage are intended to protect its future project pipeline and support long-term growth.
As of the end of March 2026, ROBYG’s land bank enabled the construction of 17,824 apartments, including land held through the Group’s joint ventures and assuming planned land sale and purchase transactions between the ROBYG Group and the Vantage Group. Without taking those planned transactions into account, the potential stood at 19,322 apartments.
ROBYG’s project portfolio is concentrated in Poland’s largest and most dynamically developing urban areas: Warsaw, the Tri-City, Poznań, Wrocław, Łódź and Kraków. According to the Company, this geographic focus strengthens the resilience of its business model to changes in economic conditions.
Around 50% of ROBYG’s land bank, based on the 17,824-unit potential, is located in Warsaw, where customer interest and transaction prices have continued to rise in recent years.
The Group’s financial profile is supported by a profitable business model and a stable capital structure. ROBYG reports high gross profit margins on development activity and maintains a conservative level of leverage. Its average annual net debt-to-equity ratio over the past three years stood at 8%.
ROBYG also benefits from the support of TAG as a strategic partner, contributing experience in value creation, governance and organisational development. The Group says that TAG’s support and ownership involvement have strengthened its strategic base and may support further scaling of the business.
Growth is supported by an experienced management team, a consistent strategy and an ESG-based approach built around three pillars intended to support long-term and responsible development.
The ROBYG debut on the Warsaw Stock Exchange will take place on 2 July at the Trading Room of the Warsaw Stock Exchange headquarters at 4 Książęca Street in Warsaw.
Source: CEO.com.pl
