Some 10,000 individual investors signed up for shares in Zespó³ Elektrowni P±tnów-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 z³.2.69 billion, while its EBITDA came in at z³.0.77 billion.
The maximum price for shares was set at z³.33, according to unnamed sources cited by Wyborcza.biz.
After the offer, Polish business mogul Zygmunt Solorz-¯ak 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.
From Warsaw Business Journal
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