Shares of PHN, Poland’s state-controlled property company, in which the Treasury sold a 25 percent stake this year, debuted Wednesday on the Warsaw Stock Exchange at PLN 22.75, up by 3.41% from the issue price of PLN 22 valuing the company at nearly PLN 955 million.

The state treasury sold 10.846 million shares in the IPO leading to the stock market debut, including 9.219 million to institutional investors and 1.627 million to retail investors. The issue price put the value of the offer at PLN 239 million and of the company at PLN 954.4 million. To date, the company was 100% owned by the Treasury.

Now the Treasury will start seeking an investor for PHN as soon as possible, PHN CEO Wojciech Papierak said at the occasion of the company’s stock debut.

"In line with previous declarations the owner wants to start the process of seeking an industry investor without delay," Papierak told TVN CNBC broadcaster . "From what I hear 'without delay' means . . . that it is a matter of days rather than weeks or months."

According to earlier declarations by Treasury Ministry officials, Poland, which is selling assets to help finance the budget deficit, will want to offer a controlling stake in PHN to an industry investor in autumn or in winter, thus reducing its stake to 20-25%.

Asked about the price to be paid by an industry investor for PHN shares in relation to the IPO price, Papierak "imagine[s] that the State Treasury . . . would like a premium for the control of the company."
At least two companies have reportedly expressed interest in taking control of PHN.

PHN suffered PLN 145 million net loss on continued operations in nine months of 2012, due to changes in the fair values of its properties, the company said in its issue prospectus.

PHN expects to show effects of its restructuring efforts made last year in 2013 results, Papierak told reporters after PHN’s WSE debut.

"In 2013 we will show full effects of restructuring we carried out in 2012," the CEO said. 2012 results, on the other hand, "will not be surprising" as "nothing unexpected happened in Q4," Papierak said.

The government hopes to raise PLN 5 billion zlotys from privatization in 2013. The sale of PHN will be among the biggest state offerings this year.