By Adrianna Ebert and Mateusz Rabiega

GDANSK (Reuters) - Polish software company Transition Technologies MS (TTMS) plans to raise up to 80 million zlotys ($20 million) from its initial public offering (IPO) to help fund acquisitions, it said on Monday.

It set a maximum share price of 35 zlotys for the offering, which it said consisted of up to 2.4 million newly issued shares. The proceeds will fuel an acquisition campaign targeted at Western Europe and the United States as the firm looks to increase its presence in developed markets.

"In the next year - 2025 - we would like to carry out another acquisition in the European market," TTMS CEO Sebastian Sokolowski said on a call with journalists, adding that any takeovers in the U.S. would probably happen in 2026-27.

The company was especially interested in acquisitions in Scandinavia, Germany and Switzerland, and plans to allocate up to about 68 million zlotys for the purpose.

"Our main assumption is that if we buy firms in the Danish or Swiss markets, these will only be companies that complement our existing entities," Sokolowski said, adding this would prevent internal competition between subsidiaries.

Book-building among institutional investors will run from Oct. 21 to Oct. 28. The subscription period for individual investors will run until Oct. 25.

The company plans to allocate 10-15% of the total number of shares on offer to individual investors.

Final pricing is expected on Oct. 29 and the shares are expected to start trading on Nov. 15.

($1 = 3.9766 zlotys)

(Reporting by Adrianna Ebert and Mateusz Rabiega; Editing by Emelia Sithole-Matarise, Kirsten Donovan)