SMYK Holding S.A. (“Company” or “SMYK”, together with its subsidiaries the “SMYK Group”), the leading retailer of children’s products in Poland, has announced its intention to conduct an initial public offering (the “Offering”) consisting of a new share issue and the sale of a portion of existing shares. The Offering will be directed to retail and institutional investors in Poland, selected international institutional investors, and qualified institutional buyers in the United States. SMYK intends to apply for admission and listing of its shares on the regulated market of the Warsaw Stock Exchange (WSE).
Commenting on today’s announcement, Michał Grom, President of the Management Board of SMYK, said:
“The SMYK brand has enjoyed strong trust and high recognition among Polish customers for years, offering an unmatched range of children’s products – across multiple categories, price segments, and age groups – all under one roof. The SMYK Group maintains a leading position in the domestic market, supported by a distinctive omnichannel sales model, high customer loyalty, and consistently growing revenues and profitability.
Our proven business model in Poland has been successfully implemented in Romania, and we are now expanding into other markets in the region. Between 2025 and 2026, we plan to open over 35 new stores across Poland, Romania, the Czech Republic, Slovakia, and Bulgaria. Our goal is to become the leading omnichannel children’s products retailer in Central and Eastern Europe. We believe this is the right time to invite new investors to join our shareholder base and debut on the Warsaw Stock Exchange.
Proceeds from the new share issue will strengthen the Company’s financial position and support further growth of the SMYK Group.”
Key Details of the Offering
The Offering will include new shares issued by SMYK and the sale of a portion of existing shares (collectively, the “Offered Shares”) by AMC V Gandalf S.A., currently the sole shareholder of the Company (“Selling Shareholder”).
SMYK’s indirect shareholders (through the Selling Shareholder) include the growth capital fund AMC V, investing alongside Accession Capital Partners (ACP), as well as Michał Grom (President & CEO of SMYK) and other minority investors. Following the Offering, the Selling Shareholder will remain the Company’s majority shareholder, and Michał Grom intends to retain (indirectly) a controlling stake for the foreseeable future.
Both SMYK and the Selling Shareholder will commit not to offer or sell Company shares for 360 days following the first listing on the WSE, subject to customary exceptions. Additionally, the Selling Shareholder will commit not to dispose of its voting preference shares (the economic benefits of which belong to Michał Grom) for:
(i) four years after the listing date, or
(ii) until the sale of all its other ordinary shares, whichever occurs earlier.
SMYK expects gross proceeds from the new share issue of approximately PLN 150 million. The funds will be used to strengthen the Company’s financial profile through partial repayment of bank debt and to finance further growth initiatives. Management expects the debt repayment to reduce the Net Debt / Adjusted EBITDA ratio (excluding one-offs) to approximately 1.6x, lowering financing costs.
The Offering will be addressed to individual and institutional investors in Poland, selected international institutional investors (outside the U.S. and Poland) under Regulation S of the U.S. Securities Act, and qualified institutional buyers in the United States under Rule 144A.
Full terms will be detailed in the prospectus to be published upon approval by the Polish Financial Supervision Authority (KNF). Between 10% and 15% of the Offered Shares are expected to be allocated to retail investors. Final pricing and allocation will be determined after the institutional book-building process.
SMYK intends to list both existing and new ordinary shares on the main regulated market of the Warsaw Stock Exchange (WSE).
The Joint Global Coordinators and Joint Bookrunners are:
Barclays Bank Ireland PLC, Pekao Investment Banking S.A., and UniCredit Bank GmbH (Milan Branch).
Bank Pekao S.A. – Brokerage House Pekao will act as Joint Bookrunner and intermediary in the public offering (together the “Offering Managers”).
SMYK Group – Key Strengths and Market Position
Market Leader and “One-Stop-Shop” for Children’s Products
SMYK Group is Poland’s leading retailer of children’s products, trusted by a wide customer base and enjoying strong brand recognition built over decades. According to OC&C Strategy Consultants, in 2024 SMYK held a 14.3% market share in its core segment: children’s fashion, toys & games, and baby equipment & accessories.
Beyond its domestic operations, SMYK is strengthening its position as one of the leading children’s product retailers in Central and Eastern Europe, expanding in Romania and planning further regional growth.
Poland and Romania—together home to about 55.7 million people (Eurostat, 2023)—are the region’s two largest markets, with robust GDP and disposable income growth supporting higher consumer spending. According to OC&C, the core market is projected to grow by 3.2% annually in Poland and 5.0% in Romania from 2024 to 2029, despite declining birth rates across Europe. The total value of the core market in 2024 was estimated at PLN 14.7 billion in Poland and PLN 5.3 billion in Romania.
“We are aware of Poland’s demographic trends, but our strategy focuses on international expansion. Each new country means a significant increase in our potential customer base. We are also broadening our product offering and reaching older age groups—for example, with our new brand NOWEAR, launched for teenagers and young adults,” said Michał Grom.
Diverse Brand Portfolio – Private Labels and Global Brands
SMYK’s offering features an extensive range of private labels:
- COOL CLUB (clothing and footwear)
- SMIKI (toys and baby accessories)
- KAYOKKI (school bags and accessories)
- NOWEAR (from September 2025, targeting teens and young adults)
These are complemented by renowned global brands such as LEGO, Fisher-Price, Hasbro, and Mattel.
Private labels accounted for 51.5% of revenue in 2024 (approx. PLN 2.25 billion total revenue). They combine attractive prices, high quality, and modern design, fostering brand loyalty.
Highly Effective Loyalty Program
In 2024, 67% of SMYK Poland’s sales came from loyalty program members (up from 53% in 2018). Around 65% of participants remain active after five years, and 60% have been shopping with SMYK for over seven years. The program enhances customer retention and delivers valuable consumer insights.
Omnichannel Model and Expanding Network
As of June 2025, SMYK operated 253 stores in Poland, 35 in Romania, and 12 in Ukraine, all integrated with its online and mobile platforms.
The physical stores attract nearly 59 million annual visits, while the website generates 113 million visits per year, offering over 370,000 products in Poland and 12,000 in Romania.
SMYK products are also available in 20 European and Asian countries via partner networks.
Regional Expansion and Logistics Capabilities
SMYK is extending its proven business model across CEE. In August 2025, it opened its first store in Slovakia and plans to launch in the Czech Republic and Bulgaria in 2026.
Its Łódź-based distribution center processes 4.5 million online orders annually, serving both owned stores and partner locations across 20 countries. This facility enables cost efficiency and supports future growth without major new warehouse investments over the next three years.
Experienced Management and Strong Governance
Led by CEO Michał Grom (with SMYK since 2016, CEO since 2019), the management team combines deep retail and e-commerce expertise. The company also includes CFO Iwona Rytel (formerly Empik Group) and CIO/Logistics Director Paweł Stańdo.
Michał Grom led a 2024 management buyout supported by Accession Capital Partners (ACP), further aligning leadership incentives with long-term shareholder value creation.
Consistent Growth and Profitability
| (PLN million) | 2022 | 2023 | 2024 | H1 2024 | H1 2025 |
|---|---|---|---|---|---|
| Revenue | 2,063.3 | 2,121.6 | 2,248.6 | 980.1 | 985.1 |
| Adjusted EBITDA | 199.2 | 255.6 | 301.7 | 83.0 | 105.3 |
| Operating profit | 25.3 | 62.2 | 118.9 | -12.3 | 15.0 |
| Net income (continuing ops.) | -71.8 | -8.0 | 30.6 | -51.5 | -24.0 |
The company achieved strong year-on-year improvements, with 2024 operating profit up 91% and Adjusted EBITDA up 18%. Seasonal peaks occur in Q4, driven by winter apparel and holiday toy sales.
Growth Strategy and Dividend Policy
SMYK aims to become the leading omnichannel retailer for children’s products in CEE through:
- LFL sales growth via traffic and basket expansion,
- new store openings in Poland and Romania,
- entry into new markets (own stores and partnerships).
It plans to open 15–20 new stores annually and maintain capital expenditures of approx. PLN 60+ million per year.
While there is no formal dividend policy yet, the Management Board intends to recommend a dividend payout of 30–50% of net profit starting from FY2026 (payable in 2027), potentially higher in years of exceptional performance.
Source: Adapted from CEO.com.pl, official SMYK Holding S.A. materials, and prospectus-related disclosures.
