The Intraco building in Warsaw is one of PHN's best-known properties Courtesy of PHN

Real estate holding Polski Holding NieruchomoĹ›ci (PHN) set the share price for its upcoming IPO at zł.22 apiece. Exactly 9,219,100 shares were offered to institutional investors and 1,626,000 to individual investors, meaning that a 25 percent stake in the company will be sold. The total value of the IPO will come in just below zł.239 million. PHN is to debut on the stock exchange no later than February 13.

The price would value the whole group at up to zł.956 million, closer to the lower end of the zł.870 million to 1.7 billion range targeted by the banks running the offer. The originally proposed price of zł.26 per share was evidently deemed too high by potential investors.

Currently, PHN's only shareholder is the Polish Treasury, which is also looking for a strategic investor for the firm. Once it sells a controlling stake to the strategic investor, the state wants to maintain a stake of between 20 and 25 percent of the company.

PHN manages 150 properties valued at a total of zł.2.1 billion. The best-known of these is the Intraco building in Warsaw.

For the first three quarters of 2012, the company posted a net loss of zł.143 million.

KW, JC