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The Warsaw Voice » Business » September 27, 2012
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Polish Treasury moves forward with major IPO of the year
September 27, 2012   
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Poland’s Treasury will put on sale its entire 50% stake in the country’s fifth largest electricity producer ZE PAK in an IPO on the Warsaw Stock Exchange to be concluded in Q4 2012, as part of its PLN 10 billion privatization plan, ZE PAK said in a press statement on Wednesday.

ZE PAK’s flotation, estimated to be worth some 800 million zlotys, will be one of biggest listings on WSE this year, according to Reuters. It will bring the Polish Treasury, which has so far realized some 80 % of this year’s privatization plan, closer to the goal and ensure that Poland will keep its debt to GDP ratio below the legal threshold of 55% of GDP.

ZE PAK (Zespol Elektrowni Patnow Adamow Konin) is Poland’s number five electricity generator in terms of installed capacity with a 6.9% market share. The company produces 96 percent of its power from lignite, the second most important source of energy in Poland after hard coal. Last year the group’s revenues were PLN 2.69 billion and a core profit (EBITDA) was PLN 769 million. In 2011 PAK produced 10.1 terawatt hours (TWh) of electricity and 2,062 TJ of heat.

Poland holds a 50% stake in ZE PAK but the operating control is presently held by companies owned by investor Zygmunt Solorz-Zak (including Elektrim), whose total stake in ZE PAK amounts to 49.5%.

On August 21, Poland struck a deal with ZE PAK shareholders, according to which the minority shareholder Elektrim will lose that statutory operating control over PAK on the day of utility's stock market debut. At the same time, Elektrim and other minority shareholders will be granted an opportunity to buy PAK shares from the Treasury during the IPO and thus take over capital control of the company.

Credit Suisse, ING, JP Morgan and UniCredit are acting as joint global coordinators and bookrunners for the offer. Other brokerages acting as joint bookrunners will be Espirito Santo Investment Bank, Ipopema Securities, Trigon and PKO BP.

ZE PAK is valued between PLN 1.7 - 2.1 billion, by Ipopema Securities, at PLN 2.3-3.7 billion by Espirito Santo, at PLN 2.1 to PLN 2.5 billion by Trigon, at PLN 1.85 to PLN 3 billion by UniCredit, and at PLN 1.7 to PLN 2.5 billion by DM PKO BP.

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