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VIGO Photonics to raise nearly PLN 63 million from share issuance to launch production of infrared matrices for the defense sector
PRESS RELEASE
Ożarów Mazowiecki, July 15, 2026
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- Successful completion of the issuance of 131,219 new Series G ordinary bearer shares under the prospectus-exempt Public Offering
- The price determined in the bookbuilding process was PLN 480 per share
- The Company will raise approx. PLN 63 million gross from the issuance of new Series G ordinary bearer shares to be used for launching the production of infrared matrices
- The Public Offering also included 124,800 shares sold by Warsaw Equity ASI, which will be sold at the same price
In the framework of the conducted Public Offering, in the form of a private subscription exempt from the obligation to publish a prospectus, for up to 131,219 new Series G ordinary bearer shares issued by VIGO Photonics, following the analysis of the results of the accelerated bookbuilding process (ABB), the Company will raise approx. PLN 63 million gross from the issuance of these shares (“Issuance”, “Offered Shares”). The Public Offering also included a package of 124,800 existing ordinary bearer shares held by Warsaw Equity ASI S.A. (“Sale Shares”). The price of the Offered and Sale Shares determined in the bookbuilding process was PLN 480 per share. The total value of VIGO Photonics' Public Offering amounted to approx. PLN 122.9 million.
As a result of the Public Offering, VIGO Photonics S.A. will raise funds of approx. PLN 63 million gross, which will be used to continue the most important development projects implemented by the Company, in accordance with the development strategy for the years 2021-2026, aimed at strengthening the Company's position as a leading supplier of modern components and optoelectronic dual-use solutions (for military and civil applications).
The main goal of the issuance is to launch the production of infrared matrices, which are a critical component in military thermal imaging cameras. The funds raised will allow, in particular, to:
- complete the technology transfer from technology partners,
- purchase equipment for the infrared matrix production line,
- launch serial production of infrared matrices,
- further optimize the products and adapt them to the requirements of new customers,
- explore the European infrared matrix market and acquire further customers from the defense industry.
The new production secures the execution of the agreement with PCO S.A. The estimated value of this contract for the years 2027–2032 amounts to approximately PLN 191.8 million.
The funds raised will be allocated first and foremost to the purchase of specialized production line equipment for the production of cooled infrared matrices, as well as finalising the technology transfer from our partners. The investment will allow us to jump-start our production capacities. According to our schedule, we have already started purchasing machines and equipment. By the end of this year, we will also conduct key qualification tests of the matrices at PCO and start test production. The completion of the production line construction and reaching full operational capacity is planned for 2027 – says Adam Piotrowski, President of the Management Board of VIGO Photonics.
These investments will provide us with the capacity to satisfy the demand from the Polish market, and the main recipient in the first phase will be the Polish Armed Forces under the framework contract with PCO. In the next stage, we also plan to expand into European markets, where we see significant potential related to the desire to become independent of suppliers from outside Europe – adds Adam Piotrowski.
The funds from the current issuance will not be allocated to the HyperPIC project. We intend to secure the financing for the development of photonic integrated circuits from other sources – for this purpose, we are already in talks with potential industry partners – adds Adam Piotrowski.
Contact for media and investors:
Piotr Piotrowski, cc group
piotr.piotrowski@ccgroup.pl, +48 697 613 010
Karolina Sałajczyk-Stefańska, VIGO Photonics
+48 538 565 256
VIGO Photonics S.A. (WSE: VGO) is a global manufacturer of high-tech solutions, specializing in the most advanced mid-infrared photonic detectors, dedicated modules, and semiconductor materials. Its innovative devices have gained recognition and are widely used by numerous international clients in the industrial and transportation sectors, as well as in environmental protection, medicine, defense, and security. The quality of VIGO Photonics detectors has also been confirmed during NASA missions to Mars (including the Curiosity rover), where they were used to detect traces of methane on the planet.
VIGO Photonics is successfully expanding its operations in the production of semiconductor materials. To this end, the company has refined and utilizes epitaxy technology (the deposition of selected crystal layers onto a crystalline substrate) using elements from groups III–V of the periodic table. As part of its development strategy, VIGO Photonics aims to supply the global market with photonic integrated circuits (PICs) based on these semiconductors. These systems will have numerous applications in the consumer electronics industry. The company also aims to achieve a leading position in the emerging European silicon chip market.
VIGO Photonics (formerly VIGO Photonics) began operations in 1987 and has been listed on the main market of the Warsaw Stock Exchange since 2014. The company is headquartered in Ożarów Mazowiecki and has a subsidiary in the United States. It employs approximately 200 highly qualified specialists and scientists. In August 2022, the company changed its name to VIGO Photonics, having previously operated under the name VIGO Photonics.
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