Poland’s Treasury Ministry has valued utility ZE PAK at zł.1.72 billion ahead of its planned debut on the Warsaw Stock Exchange. The price tag is at the low end of what bookmakers had estimated in September.

The state plans to list its 50 percent stake in ZE PAK on the WSE on or near November 30. The company is the fifth-largest producer of electricity in Poland.

Bookmakers running the IPO had valued ZE PAK at zł.1.5-3.7 billion, Reuters reported, but concerns about the slowing economy and issues over the age of ZE PAK’s power plants and the volume of CO2 they emit have forced the state to put the valuation toward the bottom of that range.

The Treasury, which has raised about zł.8 billion from privatizations this year, hopes to hit a target of zł.10 billion by year-end. The successful sale of the 50 percent stake at the valuation price would net the state some zł.858 million.

ZE PAK’s prospectus says 75-85 percent of all the shares will be offered to financial institutions, with the rest being made available to retail investors. The maximum price for individual investors has been set at zł.33 a share.

In the first half of this year, the company made a net profit of zł.214 million compared to zł.249 million a year earlier, as the slowing economy weighed on power consumption.