Some 10,000 individual investors signed up for shares in Zespół Elektrowni Pątnów-Adamów-Konin, otherwise known as ZE PAK, Poland's fifth-largest utility, by the deadline on midnight Friday, the Polish Press Agency (PAP), reported, citing unnamed sources. That is close to the Treasury Ministry’s expectations. Fifteen percent of shares were designated for individual investors.

Institutional investors will be able to sign up for shares of the energy provider between October 23 and 25. ZE PAK will probably debut on the Warsaw Stock Exchange on October 30. Last year, the group had revenues of zł.2.69 billion, while its EBITDA came in at zł.0.77 billion.

The maximum price for shares was set at zł.33, according to unnamed sources cited by Wyborcza.biz.

After the offer, Polish business mogul Zygmunt Solorz-Żak will hold 51.7 percent of the company, while the remaining 48.3 percent will be in free-float.

ZE PAK produces about 7 percent of Poland's electrical energy.

Poland A.M.