Sappeers.com shares surge on debut day

Reuters News
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Posted: May 25, 2016 8:34 AM

(Reuters) - Warsaw-based provider of SAP systems services, Sappeers.com, has debuted on Poland’s alternative NewConnect market at 115 percent above the reference price of 3.35 zlotys per share, according to the exchange.

The opening price was set at 7.2 zloty per share. At 1150 GMT shares traded at 6.75 zloty per share. The NewConnect index was down (0.04 pct).

According to the reference price the value of the company is 22.3 million zlotys ($5.6 million).

The company specializes in SAP Hybris Cloud For Customer, SAP Hybris Marketing, omni channel commerce, retail, managed and testing services.

It plans to finance its development through obtaining funds on capital markets and from EU subsidies, the company said in a presentation during the market debut.

Sappeers.com reported 24 percent rise in 2015 net profit to 175,959 zlotys and its revenue doubled to 1.8 million zlotys, the company report said.

($1 = 3.9677 zlotys)

(Reporting by Pawel Goraj and Anna Jaworska-Guidotti, editing by William Hardy)