Play Communications, owner of second biggest Polish mobile operator P4, has set the price of its upcoming initial public offering (IPO) at PLN36 (€8.5) per share, putting the value of the offering at PLN4.4bn, the company said on July 13.
The price is somewhat below the maximum of PLN44 per share set earlier this month. But at PLN4.4bn, the IPO is still one of the biggest in the history of the Warsaw Stock Exchange and the largest since 2011.
Play is offering up to 48.6% in the company, or nearly 121.6mn shares. A vast majority of the offer – 95% - targets institutional investors, with only the remaining 4.9% on offer to retail buyers and a tiny batch offered to selected employees at a discount.
The provisional date of Play’s WSE debut has been set for July 27. The IPO comes after Play's owners – billionaires Icelander Thor Bjorgolfsson and Greek Panos Germanos – unsuccessfully sought an exit route in October. Proceeds from the IPO will fund the redemption of bonds issued by the parent company and a dividend to shareholders.
Play has a share of 27.6% of the Polish mobile market, it said in the statement announcing the IPO plan. That makes the company the second-biggest mobile operator in Poland, behind Orange. The company’s operational sales grew 12.5% to PLN6.1bn last year. Ebitda grew 14% to PLN2bn.
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