Doosan Skoda Power's Prague IPO priced at CZK 240/share

Doosan Skoda Power as

06/02/2025 07:18

PRAGUE, Feb 6 (Reuters) - Czech Republic-based turbine
maker Doosan Skoda Power  DSPW.PR  said it had set the price of
its IPO in the middle of the offer range at 240 crowns per
share, with trading due to start on Thursday.
    The listing gives a boost to the Prague Stock Exchange,
which has seen a dearth of bigger listings in recent years.
    The final pricing gives Doosan Skoda Power a market
capitalisation of 7.66 billion crowns ($316.33 million), below
Czech soft drinks group Kofola CeskoSlovensko  KOFOL.PR  with
capitalisation of around 9 billion crowns and on the lower end
of the bourse's prime market.
    Doosan Skoda Power will have a free float of 33%.
    The company's main ultimate owner is South Korea's Doosan
Corp  000150.KS  and the Czech group serves customers including
energy groups CEZ  CEZP.PR , EPH and Orlen  PKN.WA , reaching
markets in Asia and South America as well as the Czech Republic
and Europe.
    It made a profit of 559.3 million crowns on revenue of 4.8
billion crowns in 2023.
    The company has said it planned a dividend policy of paying
out at least 70% of profits.
    Pricing in the IPO was at the midpoint of the 220-260 crowns
per share range. 
    Doosan Skoda Power said it sold 2.90 million new shares,
6.67 million secondary shares and 957,000 overallotment shares,
with gross proceeds of 696 million crowns go to the company for
mid-term investments.
    The listing comes as the Czech government and majority
state-owned CEZ look this quarter to conclude talks with South
Korea's KHNP, which was chosen last year as the preferred
builder of new nuclear power units in what will be the central
European country's largest ever energy investment.
    That project is a possible business driver for Doosan Skoda
Power.
($1 = 24.2150 Czech crowns)

 (Reporting by Jason Hovet; Editing by Alexander Smith)
 ((jason.hovet@thomsonreuters.com;))