ZE PAK owns four power plants Shutterstock

The share price of Poland’s fifth-largest utility, state-owned ZE PAK, has been fixed at zł.26.20. The figure is near the bottom end of the range set in the firm’s issue prospectus, and was established based on demand from individual investors.

The state plans to list its 50 percent stake in ZE PAK on the Warsaw Stock Exchange on or near October 30. It had originally hoped to gain as much as zł.858 million (at a maximum share price of zł.33).

“I am pleased that we managed to close, with success, the longest and one of the most complicated privatization processes in recent years,” Treasury Minister Mikołaj Budzanowski told journalists.

“I want to stress that despite difficult market conditions the transaction of shares in ZE PAK was successful and is the biggest public offering in CEE so far in 2012.”

Based on the price of zł.26.20, the state will earn some zł.680 million from the privatization. The Treasury, which has raised about zł.8 billion from privatizations so far this year, is aiming to hit a full-year target of zł.10 billion.

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 owns four power plants and two coal mines. GP