PKP Cargo eyes market debut on October 31
October 9, 2013
Rail freight carrier PKP Cargo eyes debuting on the Warsaw Stock Exchange on October 31, the company said in the issue prospectus.
The IPO concerns 21.7 million shares, currently owned by its parent Poland's railway firm PKP. The remaining 50% plus one share will be subject to 180 days lockup.
The maximum price for retail investors was set at PLN 74.
The price would put the value of the IPO to PLN 1.606 billion and the value of the whole company at PLN 3.212 billion.
"We have a large, stable investor already ahead of the offer," PKP CEO Jacek Karnowski told a news conference. "EBRD has vowed to buy at least a 5% stake."
PKP will reduce its stake in PKP Cargo long term, while still retaining corporate control, Karnowski said.
"In the longer term, we will reduce our stake, I'm ruling out neither Cargo's share issue nor the sale by us of a partial stake," Karnowski said.
An indirect holding of the Treasury in the company is beneficial for investors, as it will keep stable railway infrastructure access fees, Karnowski said.