mPay S.A. goes public at the Warsaw Stock Exchange
mPay S.A., an ATM Capital Group company, signed with the IDM S.A. brokerage house an agreement on conducting the initial public offer.
mPay S.A. is owned by mPay International Sp. z o.o., which is controlled in 60% by ATM S.A. The purpose of the planned issue is to finance development of mobile payments, an innovative service on the Polish market. After a few weeks of commercial availability of the mPay service, in the first phase developed in cooperation with Polkomtel S.A., the public interest in this payment method is quickly growing. mPay S.A. continues to sign service partnership agreements with companies interested to use this method of payment for their products.
In parallel with the development of the service in Poland, mPay International is entering into first agreements aimed to expand the service worldwide. Under the planned IPO, a part of the mPay shares will be sold by mPay International which is going to use the obtained means for launching the mobile payment system in other countries. It will be the next phase of development of the service.
ATM S.A. provided mPay S.A. with IT and communications infrastructure and ensured financing of the first stage of the service operation. The current strategy of mPay S.A. assumes quick popularization of the mobile payment service through growth of the network of outlets accepting payments under the mPay system, availability of the service from other mobile telephony networks, and winning new users. That stage will be financed from the means obtained by mPay S.A. and mPay International Sp. z o.o. through the public offer, without charging the ATM circulating capital.
The public interest in mobile payments is increasing very fast both in Poland and worldwide. The mPay service meets all functional requirements for mobile payments, including support to the NFC (near field communication) technology, which according to many analysts is set to revolutionize mobile payments. The ATM Management Board said: “mPay has commercially deployed a service which is still only planned by others. Also, we are glad that mPay S.A. will be introduced onto the stock market by IDM S.A., because it is a brokerage house experienced in launching innovative companies. We believe that the IPO of mPay S.A. will be one of the most interesting events on the stock market and will bring large benefits both to our company and to other capital-market players.”