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Greenberg Traurig advised People Can Fly on its IPO on the Warsaw Stock Exchange

WARSAW, December 18, 2020 - Greenberg Traurig acted as legal counsel to PCF Group S.A. (“PCF Group”) in the initial public offering of shares in PCF Group and their admission to trading on the regulated market operated by the Warsaw Stock Exchange. PCF Group runs the People Can Fly studio, which was established in 2002 and is one of the three most experienced Polish game developers in the AAA segment – distinguished by high budget and quality, dedicated for personal computers (PC) and PlayStation and Xbox consoles.

The total value of the IPO exceeded PLN 203 million. The offering attracted very strong interest – the average subscription reduction rate for individual investors was over 98% and the issue price for institutional investors was set above the maximum price, which is the third such case in the history of the Polish capital markets. On December 18, 2020, the existing shares and rights to shares of the new issue were listed, and the first day of listing of the new issue shares on the Warsaw Stock Exchange is expected to be January 2021.

Greenberg Traurig provided complex legal advisory services to the Company including the transformation into a joint stock company, preparation and execution of the IPO.

The Greenberg Traurig team was led by Local Partner Karolina Dunin-Wilczyńska and Associate Grzegorz Socha and supported by Senior Associate Marek Kłeczek. Partner Ireneusz Matusielański supervised the team.

PCF Group is a dynamically growing video game developer specializing in shooter games, which cooperates with leading international game publishers. The games produced by People Can Fly include award-winning titles that have won recognition from players and media around the world, such as Painkiller, Bulletstorm and Gears of War: Judgment. Currently, People Can Fly, together with Square Enix Limited, is working on the largest production in its history in terms of budget and complexity – an RPG shooter game called Outriders, scheduled for release on February 2, 2021. People Can Fly’s game production technology is based on Unreal Engine software – a popular video game engine developed by Epic Games. People Can Fly is also working on two new AAA games – with publisher Take-Two Interactive Inc. on Project Dagger and with Square Enix Limited on Project Gemini.

Greenberg Traurig is recognized as a longstanding leader in Poland with respect to capital markets, having recently advised the investment banks on the IPO of Allegro. For many years, the Warsaw Capital Markets Practice has been consistently ranked at the very top by leading international directories: Band 1 by Chambers Global, Chambers Europe and the Legal 500, as well as Tier 1 by the IFLR 1000. The Practice offers clients an unparalleled breadth of experience in all aspects of Polish securities law, allowing for the facilitation of all phases of securities transactions on Polish and international capital markets. Greenberg Traurig Warsaw’s seasoned capital markets professionals are acknowledged leaders in Poland and together make up one of the most experienced teams amongst international law firms in the vibrant Central European market.

Greenberg Traurig 

Greenberg Traurig, LLP is an international, multi-practice law firm with approximately 2200 attorneys serving clients from 40 offices in the United States, Latin America, Europe, Asia, and the Middle East.

Greenberg Traurig Grzesiak sp.k. was named the 2019 and 2018 Most Innovative Law Firm of the Year Award for Poland by International Financial Law Review (IFLR) and the 2017 Law Firm of the Year in Poland by Chambers and Partners. The Warsaw office of Greenberg Traurig, LLP provides legal services to clients in Central Europe and beyond and consists of approximately 100 lawyers. Team members are regularly recognized as leaders in numerous practice areas. Chambers Global, Chambers Europe, IFLR1000 and EMEA Legal 500 consistently rank them among the top tiers the areas of Corporate/M&A, Capital Markets, Real Estate, Private Equity, Tax, Banking and Finance, Project Finance, Energy, Dispute Resolution and TMT.

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