PKP Cargo jumps 17.9pct from issue price on flotation day
October 31, 2013
Rail freight operator PKP Cargo Wednesday debuted on Warsaw Stock Exchange at PLN 80.2, 17.94% above the issue price of PLN 68.
In the IPO, PKP Cargo's parent PKP sold 20.93 million existing shares including 17.3 million shares in the institutional tranche and 3.6 million shares in the retail tranche.
The European Bank for Reconstruction and Development took 5.1% stake in the firm.
"The EBRD took 5.1% of Cargo shares, i.e. some 10% of the IPO, and is the biggest shareholder apart from PKP [PKP Cargo main shareholder, state railway group]," CEO of state-owned railway group PKP Jakub Karnowski said. "No one else surpassed 5%."
The remaining shares held by PKP will be subject to a 180-day lock-up.
PKP Cargo's PLN 1.42 billion IPO is the biggest on the WSE this year and what the deal's authors call the first of its kind for the industry in Europe.