INC SA

What INC SA does

INC S.A. is a Polish capital markets advisory and brokerage firm founded in 1995 and headquartered in Poznań, listed on the Warsaw Stock Exchange (WSE/GPW) since 2006 under the ticker INC. The company serves small and mid-cap issuers seeking admission to NewConnect and GPW Catalyst through its Authorized Advisor mandate, and operates a regulated brokerage subsidiary, Dom Maklerski INC S.A. (DM INC). INC also manages two alternative investment company funds — INC Private Equity ASI (pre-IPO) and Carpathia Capital ASI (opportunity) — and holds Authorized Advisor status on the AeRO market of the Bucharest Stock Exchange in Romania.

The firm has executed 85 IPO debuts as Authorized Advisor and currently serves approximately 40 companies, with reported NewConnect market share of 33-34%. DM INC has supported more than 125 offerings between 2020 and 2025, with average transaction size rising from PLN 3.4M in 2023 to PLN 18.2M in 2026 and PLN 163M in transaction value recorded across January-May 2026. INC employs approximately 17 licensed professionals across a total headcount in the 11-50 range.

The business model combines recurring advisory retainers from a portfolio of ~40 issuers, project-based fees from new IPO/SPO mandates, brokerage commissions on equity offerings, asset-management fees from the proprietary venture and opportunity funds, and — since August 2023 — recurring depository and custody fees from the FIZ custody book, which already covers 23 funds across 4 TFI partners. Revenue is therefore a blend of cyclical capital-markets transactional income and an expanding base of recurring fund-servicing fees.

Name

INC SA

Legal name

INC S.A.

Website

https://incsa.pl

Company type

Public

Founded year

1995

Operating status

Operating

Headcount range

11–50 employees

Short description

INC S.A. is a Poznań-based Polish capital markets advisor and broker (DM INC) serving ~40 small and mid-cap issuers on NewConnect, GPW Catalyst, and AeRO Romania, with 33-34% NewConnect market share plus fund management and FIZ depository services.

Ownership category

akta.pro rank

Product category

Capital Markets Advisory

NAICS

Portfolio Management and Investment Advice (52394), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523), Other Financial Vehicles (52599)

SIC

Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

IPO & Public Markets Advisory (BPAHADAH)

akta.pro secondary industries

Capital Markets Advisory (IPO Readiness, SPAC, ECM/DCM Advisory) (BPAHAOAL), Capital Raising Advisory (Debt/Equity/Private Capital) (BPAHADAG), Equity Capital Advisory (Private Equity Placements, Growth Capital) (BPAHAOAE), Institutional Capital Introduction (LP/Family Office/Endowment Matching) (FSAEALAI)

Keywords

• Capital market advisory
• Authorized advisor services
• IPO advisory services
• Brokerage and trading
• Investment fund custodian

Headquarters

HQ city

Poznan

HQ country

Poland

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D

Revenue model

1. Advisory Fees (Authorized Advisor services): Fees charged for advisory services as Authorized Advisor on NewConnect, GPW Catalyst, and AeRO markets, including preparation of information documents, training, and ongoing compliance support for listed companies.
2. Brokerage Services: Dom Maklerski INC generates revenue from offering financial instruments, order execution, investment advisory, and account management. Revenue includes transaction fees, custody fees, and advisory fees.
3. Investment Income (INC Private Equity ASI): Pre-IPO fund investing in companies prior to stock exchange listing, generating returns through equity appreciation and exits.
4. Investment Income (Carpathia Capital ASI): Opportunity fund investing in small and medium companies in Poland and Romania, generating returns through equity stakes.
5. Depository Services for FIZ: Monthly fees for custodian services for closed-end investment funds, providing recurring revenue independent of market conditions. By 2024, the company was serving 20 FIZ from 4 TFI.
6. KDPW Services: Services as direct participant of KDPW including registration agent, subscription agent, and sponsor functions for securities.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels6 records

Core offering

INC S.A. is a capital markets advisory group providing Authorized Advisor services on NewConnect, GPW Catalyst, and Romania's AeRO market for Polish and Romanian SMEs seeking IPOs and public offerings. Through its wholly-owned brokerage subsidiary Dom Maklerski INC S.A., the group conducts public offerings, manages brokerage accounts, and provides investment advisory, with two proprietary platforms (Platforma Ofert Publicznych and CrowdConnect). The group also provides custodian services for closed-end investment funds and operates pre-IPO and opportunity investment funds via subsidiaries INC Private Equity ASI S.A. and Carpathia Capital ASI S.A.

Product overview

INC S.A. is the parent company of the INC Capital Group, a financial services holding offering a comprehensive suite of capital market services. The group operates through distinct entities: INC S.A. (capital market advisory, authorized advisor for NewConnect, Catalyst, and AeRO), Dom Maklerski INC S.A. (brokerage services with the Platforma Ofert Publicznych and CrowdConnect platforms), INC Private Equity ASI S.A. (pre-IPO fund), and Carpathia Capital ASI S.A. (opportunity fund). Services include preparation for stock exchange listings, IPO execution, investment advisory, rights offerings, M&A support, bond issuances, custodian services for closed-end funds, and investor relations support.

Differentiator

Problem solved

Functional benefit

Brands

• CrowdConnect: Public offering platform operated by Dom Maklerski INC for conducting public offerings
• Platforma Ofert Publicznych

Products and services

• NewConnect Authorized Advisory Authorized Advisor service for companies seeking to debut on the NewConnect alternative trading system, including information document preparation, training, and ongoing compliance support for issuers.
• GPW Catalyst Authorized Advisory

Quantifiable outcome

• 85 IPO debuts completed as Authorized Advisor
• +5 more outcomes

Named customers6 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Six partnerships are on record, tiered core.

• Origin TFI S.A.coreStrategic or Co-development Partner · 11 August 2023Dom Maklerski INC S.A. signed its first custodian service agreement with a FIZ managed by Origin TFI S.A. on August 11, 2023, marking the launch of the depository services business line.
• Multiple TFI Partners (4+)coreStrategic or Co-development PartnerBy 2024, Dom Maklerski INC was serving 20 FIZ from 4 different TFI (asset management companies) under custodian mandates. This provided recurring, market-independent monthly revenue.
• BVB (Giełda Papierów Wartościowych w Bukareszcie / Bucharest Stock Exchange)coreStrategic or Co-development PartnerINC S.A. is an Authorized Advisor on the AeRO market, which is the alternative trading system operated by the Bucharest Stock Exchange (BVB) in Romania. License obtained in 2015.
• Giełda Papierów Wartościowych w Warszawie (GPW / Warsaw Stock Exchange)coreStrategic or Co-development PartnerINC S.A. is an Authorized Advisor on the GPW main market, NewConnect, and GPW Catalyst. The GPW designates INC as a leading Authorized Advisor and has awarded the company special recognition.
• Krajowy Depozyt Papierów Wartościowych (KDPW / Polish Securities Depository)coreStrategic or Co-development PartnerINC S.A. and Dom Maklerski INC hold direct participant status with KDPW, enabling them to provide registration agent, subscription agent, and sponsor services for securities.
• KNF (Komisja Nadzoru Finansowego / Polish Financial Supervision Authority)coreOthersINC S.A. and Dom Maklerski INC operate under KNF licenses for investment advisory and brokerage services. KNF regulates all capital market activities conducted by the group.

Scale indicators14 records

Recent moves10 records

Expansion highlights5 records

Direct peers

• IPOPEMA Securities: Polish brokerage house with a strong focus on NewConnect and SME advisory, directly competing with Dom Maklerski INC in IPO execution, brokerage, and Authorized Advisor mandates for small and mid-cap issuers.
• Q Securities: Polish brokerage and Authorized Advisor with a focus on NewConnect listings and SME public offerings — direct competitive overlap with INC's core Authorized Advisor role.
• Copernicus Securities: Polish brokerage and advisory firm active on NewConnect and the GPW main market, focused on SME capital raising — directly comparable to INC's Authorized Advisor and offering services.
• Dom Maklerski BOŚ: Bank-affiliated Polish brokerage offering trading, public offerings, and advisory on the GPW and NewConnect — overlaps directly with INC's brokerage and Authorized Advisor activities.
• Trigon Dom Maklerski: Polish investment bank and brokerage serving SME issuers on NewConnect and the GPW main market, providing advisory and capital-raising services that closely parallel INC's core offering.
• Noble Securities: Polish brokerage operating on the GPW and NewConnect with a similar SME advisory and public-offering profile to Dom Maklerski INC.
• Vestor Dom Maklerski: Polish brokerage providing public-offer execution and advisory services to listed and pre-IPO companies on NewConnect and the GPW main market.

Regional players

• Wood & Company Financial Services: Central European brokerage and investment bank headquartered in Prague, active across CEE equity capital markets — comparable as a regional competitor in cross-border Polish/Romanian deals but rooted in a different geography.

Broad incumbents

• Erste Group Securities: Austrian-headquartered universal bank's brokerage arm with deep CEE equity research and capital-markets coverage — a larger incumbent that overlaps with INC on regional SME advisory and IPO execution.
• Dom Maklerski mBanku: Brokerage arm of mBank, one of Poland's largest banks, providing capital markets services across brokerage, advisory, and equity capital markets — a broader incumbent competing for the same SME mandates.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/384786272304

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about INC SA