Poland's Zabka eyes $1.7 bln IPO in potential boost for Warsaw bourse (updated)

Gielda Papierow Wartosciowych w Warszawie SA

01/10/2024 13:39

(Adds details, background)
       GDANSK/WARSAW, Oct 1 (Reuters) - Polish convenience
store group Zabka plans to raise up to 6.45 billion zlotys
($1.67 billion) for selling shareholders in its initial public
offering (IPO) this month, potentially the biggest IPO in Warsaw
since 2020. 
    The company said on Tuesday it aimed to sell shares at
between 20.0 and 21.5 zlotys each.           
    The sale could be a boost for the Warsaw market, which has
lacked big IPOs in recent years. At the top of the range,
Zabka's IPO would be Warsaw's biggest since online marketplace
Allegro's IPO raised 9.2 billion zlotys in 2020. 
    Zabka said in its prospectus that an IPO would "benefit the
Group by giving the Company access to the Polish and
international capital markets in the event any future capital
needs arise, including, in particular, in connection with
funding any potential M&A transactions".
    In the IPO, the Polish company's shareholders plan to offer
up to 300 million shares, which are expected to start trading on
Warsaw bourse  GPW.WA  on or around Oct. 17, following final
pricing on Oct. 10.
    Zabka said it did not intend to recommend paying dividends
in the medium term as it believes "the investment of the
earnings will generate tangible benefits for the shareholders of
the company".
    ($1 = 3.8674 zlotys)

 (Reporting by Rafal Wojciech Nowak and Anna Koper; Additional
reporting by Mateusz Rabiega, Anna Banacka, Adrianna Ebert;
Writing by Mateusz Rabiega and Anna Koper; Editing by Louise
Heavens and Mark Potter)
 ((Mateusz.Rabiega@thomsonreuters.com; +48 58 769 67 57;))