National insurer PZU submitted its issue prospectus to the Polish Financial Supervision Authority (KNF) on Tuesday.

“Submitting the prospectus is an important step on the way to introducing the company's shares on the Warsaw Stock Exchange,” said PZU President Andrzej Klesyk. The Treasury plans to sell 17.2 million shares and the offer is worth a minimum of zł.5 million.

However, the date of the IPO has not been set yet. “Because PZU SA is not planning to raise its capital, the final decision on the date will depend on the decisions of the shareholders, the sellers and the conditions on the market,” said Mr Klesyk.

In mid-January, deputy Treasury Minister Adam Leszkiewicz said that the PZU IPO can take place in the second half of May at the soonest. If the company is to debut before the summer, the KNF should accept the prospectus within a month and a half.

PZU's debut is possible thanks to an agreement reached by the Polish government and Dutch insurer Eureko in October last year, ending a dispute which lasted over eight years. Poland managed to regain full control of the company.

The State Treasury holds a 55 percent stake of PZU, 35 percent is owed by Eureko and three percent belongs to PZU's present and former employees. The remaining stake is owned mainly by investment funds and banks. (MO)

Sources: Rzeczpospolita, Money.pl