|The firm saw profits drop in H1 this year|
Courtesy of PKP Cargo
Railway freight transportation firm PKP Cargo published its issue prospectus and launched its initial public offering on Tuesday. State-owned railway group PKP is selling 21,669,007 shares (50 percent minus one share) in PKP Cargo, at a maximum price of zł.74 apiece. If the shares were to fetch that price, it would make the floatation worth some zł.1.6 billion.
The debut on the Warsaw Stock Exchange is scheduled for October 31. Book-building for institutional investors started on October 8 and will be completed on October 22. Subscriptions for institutional investors are scheduled for October 9-21. The final share price will be announced on October 22.
PKP Cargo said that the European Bank for Reconstruction and Development has agreed to buy at least 5 percent in the firm within the IPO.
PKP Cargo is the largest rail freight operator in Poland, with a 60.3 percent market share in terms of freight turnover, and the second-largest in the EU, with an 8.5 percent market share. In H1, the company saw its net profit drop to zł.76.8 million from zł.136.6 million a year earlier. The IPO is subject to regulatory approval.
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