Author: Scanway
Publication date:
Scanway, a leading company in the field of space-based observation technology and industrial vision-based quality control, has allocated all the shares offered in its public share offering. The issue price was set at 45.00 zł, meaning that the value of the offering amounted to 9.0 mln zł. Scanway’s offering attracted a great deal of interest – the demand declared by investors exceeded the 200,000 Series C ordinary bearer shares offered by the Company several times over. Scanway plans to make its debut on the Warsaw Stock Exchange (GPW) in the third quarter of 2023. The company was supported in this process by cc group, acting as Financial Adviser and Authorised NewConnect Adviser, and Navigator S.A. Brokerage House, which acted as Lead Manager and Bookrunner for the share offering of Scanway S.A.
Scanway’s public offering comprised 200,000 Series C ordinary bearer shares, which, following the success of the IPO, will represent 15.5 per cent of the Company’s shares. The prospectus was published on 4 June, and the book-building process concluded on 20 June. The issue price was set on 21 June at PLN 45.00. Subscriptions for the offered shares were accepted between 21 and 28 June, and the shares were allocated on 29 June.
– I would like to thank the investors who took the time to familiarise themselves with our Company’s operations and decided to participate in the offering. I believe that the successful implementation of our development strategy will ensure that Scanway continues to grow at a rapid pace and will reward the trust placed in us. We are very pleased with how our public offering has gone and, above all, with the interest it has generated amongst both retail and institutional investors. Demand for our shares exceeded the size of the offering several times over – comments Jędrzej Kowalewski, Chairman of the Management Board of Scanway S.A.
The funds raised from the public share offering will be allocated to the development of the advanced machine vision division, as well as the satellite instrument production line and the vision systems production line, supporting Scanway’s operations in two segments: the industrial and space sectors. The Company’s strategic objectives are to achieve, over the next three years, a rise in revenue from industrial operations to PLN 14–18 million, with a margin of approximately 30–35 per cent, and a rise in revenue from space operations to PLN 14–18 million, with a margin of approximately 40-45%. One of the factors set to contribute to Scanway’s dynamic growth is the flight heritage status it achieved this year as part of the STAR VIBE mission – the company’s optical telescope and satellite self-diagnostic system are already in orbit and fully operational.
– The Polish space sector has a very bright future ahead of it, and we want to be one of the examples that demonstrate how the stock exchange can provide excellent support for the development of ambitious teams in our industry. We are proud to be the second company from this sector to be listed on the Warsaw Stock Exchange. We regard the NewConnect market as the start of our journey on the stock exchange. Our ambitions extend further, however, to the main market of the Warsaw Stock Exchange, to which we ultimately aim to transfer our Company’s share listing. We intend to make our debut on NewConnect as early as the third quarter of 2023 – adds Jędrzej Kowalewski.
As part of its industrial solutions, Scanway specialises in developing proprietary vision systems for the quality control of finished products, raw materials and the production process. The Company’s product range contributes to the implementation of the Industry 4.0 philosophy through the automation and optimisation of quality control processes in sectors such as packaging and printing, the automotive industry, the food industry and the pharmaceutical sector. Within its space division, Scanway offers optical payloads for space vehicles, including products dedicated to observation, imaging and image analysis. The Earth observation telescopes offered by the company are characterised by scalability, modularity and the ability to tailor imaging results to the user’s requirements. The second type of payload offered by the company consists of vision systems designed for space environments, which assess the condition of orbital infrastructure and monitor in-space servicing and manufacturing processes.
Thanks to the STAR VIBE mission, which began in 2023, the Company obtained the best images from space ever captured by Polish research instruments and confirmed the reliability and functionality of its solutions in space conditions, thereby acquiring so-called flight heritage. Scanway is also a key consortium partner in the largest space projects being carried out in Poland, including the EagleEye and PIAST missions. Together with the Australian company AICRAFT, an expert in the field of artificial intelligence, Scanway began a collaboration in May this year to develop an Earth-observation telescope utilising artificial intelligence algorithms.
The Company’s total revenue in 2022 amounted to PLN 3.6 million, representing a year-on-year increase of 44%. Scanway reported a net profit of PLN 0.3 million in 2022, an increase of PLN 0.4 million year-on-year. In 2022, space-related activities accounted for 47% of revenue, whilst industrial projects accounted for 53%. As at mid-June 2023, the Company has an order book totalling PLN 5.9 million, of which PLN 2.1 million has already been recognised as part of total revenue for the first five months of 2023, whilst PLN 3.9 million remains to be recognised in the current year. Scanway’s objective is to continue scaling up its operations intensively and to increase revenue through the commercialisation of existing and under-development products, for which the Company has identified high market demand both this year and in the years to come.
About Scanway:
Scanway is a Polish company operating in the field of observation and quality control technology. It is Poland’s first commercial supplier of spectral instruments for space applications. The company’s solutions enable the precise and continuous observation of any object or area. The company operates in two business areas: products for the space sector (optical instruments for Earth observation and satellite self-diagnostics) and for industry (vision systems and quality control).
Scanway is the only organisation in Poland – and one of just a dozen or so companies worldwide – to have developed a comprehensive technology for Earth observation and the self-diagnostics of satellites and spacecraft. The company offers complete systems based on its own dedicated algorithms for image processing and analysis. These algorithms have been successfully tested in space missions in collaboration with the European Space Agency, namely in the DREAM and TRACZ projects. The STAR VIBE mission is currently underway; as part of this, a satellite containing a vision system and an optical telescope – both developed and manufactured in Scanway’s laboratories – was launched on 3 January 2023. The company is also a key consortium partner in the largest space projects being carried out in Poland, including EagleEye and PIAST.
The Company’s aim is also to bring space-based solutions to Earth. Scanway supplies space technologies tailored to the needs of large manufacturing plants, primarily in the field of quality control. The versatile HyperEye scanner enables continuous 100% quality control of products on very high-throughput production lines, leading to a significant reduction in production costs. Further information: https://scanway.pl/
Scanway plans to make its debut on the NewConnect market in the third quarter of 2023.
Contact details for the media and retail investors
Mardoniusz Maćkowiak
+48 605 959 539
mardoniusz.mackowiak@ccgroup.pl
Contact details for institutional investors and analysts
Piotr Owdziej
+48 697 612 913