State-owned real estate holding PHN, headed for a stock market debut in February, obtained the approval of Poland's financial market watchdog KNF for its issue prospectus, KNF said in a statement on Friday.

Poland plans to sell an up to 25% stake in PHN in the prospective IPO and will later consider selling a further stake to an industry investor, Treasury Minister Mikolaj Budzanowski said on January 16, confirming earlier reports.

PHN is valued at PLN 1.2-1.7 billion by Polish brokerages, according to four reports accessed by PAP Polish news agency.