State-controlled power complex ZE PAK has had its issue prospectus approved by Poland's financial market regulator KNF and will make the document public on October 10, the KNF said in a press statement.

The prospectus concerns A1 shares offered in the IPO as well as A1 and B1 shares admitted to turnover on the regulated market.

Poland is putting a 50% stake in power group PAK to market in an IPO slated for Q4.

ZE PAK is the fifth largest Polish electricity generator in terms of installed generation capacity and electricity generation with a market share of approximately 6.9% as for 2011. It is the second largest lignite fired producer and the only Polish power generator which is self-sufficient in terms of fuel thanks to lignite mines accounting for 22% of Polish lignite production.

PAK will be the only pure generation listing amongst large-cap power firms on the WSE as the three major listed rivals - PGE, Tauron and Enea - all have distribution assets.

Credit Suisse, ING, JP Morgan and UniCredit are acting as Joint Global Coordinators and Joint Bookrunners. Espirito Santo Investment Bank, Ipopema and Trigon are acting as Joint Bookrunners and DM PKO BP is acting as Offering Agent and Joint Bookrunner.