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25.06.2026

ROBYG Completes Landmark IPO in Poland with Erste Group as Joint Global Coordinator

  • The IPO was the largest in Poland in over a year and attracted strong demand from local and international investors.
  • Total IPO size of approximately EUR 277 million, thereof ca. EUR 80m was raised by ROBYG to expand the Company’s development land portfolio.
  • Erste Group acted as Joint Global Coordinator, reinforcing its ECM leadership in Central Europe.


TAG Immobilien AG and its subsidiary ROBYG S.A., one of Poland’s leading residential developers with more than 20 years of experience, have successfully completed ROBYG’s public listing, marking the largest IPO in Poland in over a year and one of the top three European real estate IPOs since 2020. The transaction highlights both the company’s strong positioning and the continued relevance of Poland as a dynamic capital market within Central Europe.

Strong fundamentals underpin transaction success

The transaction was supported by solid fundamentals in Poland’s residential real estate market. Continued urbanisation, a structural housing shortage, and resilient demand for modern housing in major cities such as Warsaw, Gdańsk and Wrocław continue to drive long term growth. Against this backdrop, developers with scale, execution capabilities and strong land positions, such as ROBYG, are well positioned to benefit.

At the same time, the Polish equity capital markets have shown renewed momentum. As the largest stock exchange in Central and Eastern Europe, the Warsaw market attracts both domestic and international investors, particularly for high quality real estate platforms and growth-oriented issuers. The strong demand in ROBYG’s IPO underlines investor confidence in both the sector and the broader Polish economy.

Strategic milestone for TAG and ROBYG

The IPO represents an important step for both TAG Immobilien and ROBYG, raising approximately EUR 277 million in total, consisting of 25 million shares sold by TAG as well as ca. 9.6 million shares issued by ROBYG. ROBYG will use the proceeds to be used for the continued expansion of its development land portfolio and long term growth pipeline. It strengthens ROBYG’s financial flexibility while further reinforcing TAG’s strategic positioning in the Polish residential market, one of Europe’s most attractive growth markets for housing.

“The IPO of ROBYG marks an important milestone in the further development of our Group and reflects investors’ confidence in our strategy and in the long-term potential of the Polish residential market. The proceeds raised will enable us to continue expanding our land bank and executing our ambitious growth plans. We would like to thank the Erste Group team, acting as one of the Joint Global Coordinators, for their partnership, professionalism, commitment, and excellent cooperation throughout the IPO process. We are proud to have successfully delivered this strategically important transaction together and look forward to building on this momentum in the years ahead,” says Marta Hejak, CFO and Vice-President of the Management Board of ROBYG.

“This transaction highlights the strong investor appetite for high quality real estate platforms in Poland. ROBYG combines an attractive growth profile with a proven track record, making it a compelling investment case. With this transaction, Erste Group once again demonstrates its leading position as an ECM advisor in the real estate sector across Central Europe, supporting clients on complex and high profile transactions in a dynamic market environment,” underlines Jürgen Prumetz, Head of Corporate Capital Markets of Erste Group Bank AG.