PKP Cargo logistics to debut on stock market Oct.30
October 24, 2013
Rail freight carrier PKP Cargo will debut on the Warsaw Stock Exchange on October 30 with a public offer of 20.93 million shares at PLN 68 per share, PKP Cargo spokesman Mariusz Przybylski said on Wednesday.
The total value of the IPO thus amounts to PLN 1.423 billion.
The IPO consists of existing shares put on sale by PKP Cargo's parent, national railways PKP. Initially PKP intended to offer 21,6 shares or a 50% minus one share.
The final number of offered shares includes 17.3 million shares in the institutional tranche and 3.6 million shares in the retail tranche, the firm said in a market filing.
Subscription in the retail tranche ended on October 21. The maximum price for retail investors had been set at PLN 74.
Corporate investors will be able to subscribe from October 23 to 25.
The offering is managed by DM PKO BP.
PKP Cargo is the EU's second largest rail cargo carrier after Deutsche
Bahn. In 2012 PKP Cargo booked a consolidated profit of PLN 267 million with EBITDA at PLN 767 million and sales at about PLN 5.2 billion.
PKP Cargo's owner, PKP SA, will retain control over PKP Cargo.