Footwear manufacturer and distributor CCC is to make an initial public offering on the Warsaw Stock Exchange at the start of December in order to fund its expansion.

CCC will offer 7 million shares to institutional investors and 1 million shares to individual investors.

It hopes to raise some PLN50m to fund growth within its domestic markets and open 340 new stores by the end of 2007.

The company presently operates 71 own and 192 franchised footwear stores in Poland.

It plans to open five footwear stores in the Czech Republic in the first quarter of next year, and eventually set up a network of 20-25 footwear stores in the country.