The Polish designer and distributor of clothing, LPP has announced that it has been able to raise more than PLN14.4m ($3.5m) through an initial public offering of 300,000 new shares. The Gdansk based company's shares were set at a minimum price of PLN48 each and had 120,000 shares underwritten by the Citibank-controlled Bank Handlowy's brokerage house, which will receive a 2.9 per cent discount on LPP shares.