Phoenix Systems launches IPO to raise 21.5 million PLN

Phoenix Systems, a deep tech subsidiary of Atende, has launched an initial public offering (IPO) to raise approximately 21.5 million PLN gross. The issue price has been set at 50 PLN per share, valuing the company at roughly 142.3 million PLN. Following the issuance, Atende is expected to retain a 50.3% stake in Phoenix Systems, valued at approximately 71.6 million PLN.

Phoenix Systems develops Phoenix-RTOS, a real-time operating system designed for IoT devices, operating in the Smart Grid, Defence, and Space sectors. The company’s technology is currently utilized in over 1.7 million critical infrastructure devices, such as energy and gas meters, through strategic cooperation with Apator. The company also develops drone autopilots for the Polish military and is working on the Phoenix-SAT satellite project.

Subscription for individual investors is scheduled to run until September 28. The company’s debut on the NewConnect market is planned for the fourth quarter of 2026. The proceeds from the IPO are intended to fund the Phoenix-SAT 2 satellite project and expand the business development team.