Poland's Diagnostyka sets maximum price in IPO at 105 zlotys/shr
22/01/2025 06:57
GDANSK, Jan 22 (Reuters) - Polish medical diagnostics
company Diagnostyka has set a maximum price for shares offered
in its initial public offering (IPO) at 105 zlotys, valuing the
offering at up to 1.7 billion zlotys ($416.1 million), it said
in a prospectus late on Tuesday.
At a maximum price, Diagnostyka is valued at up to 3.54
billion zlotys.
A bookrunner said the price range for the offering was
between 95 zlotys and 105 zlotys.
Its shareholder LX Beta S.à r.l., backed by private equity
fund Mid Europa Partners, will offer around 16 million shares,
or a 47.83% stake in the company.
Diagnostyka, which performs blood, microbiological and
genetic tests as well as diagnostic imaging, will not get any
money from the IPO.
The offering will test the waters for deals in Warsaw after
Zabka's ZAB.WA 6.45 billion zloty share sale in October, the
largest IPO in Poland since that of e-commerce platform Allegro
in 2020.
Zabka's shares are up 23% so far this year, after trading
mostly below its 21.5 zloty IPO price in the months since the
debut.
The final price for Diagnostyka's offer is expected to be
announced on or around Jan. 30, while the shares are set to make
their stock market debut on Feb. 7.
Diagnostyka, founded in 1998, has said it is a market leader
in Poland's medical diagnostics industry with more than 1,100
blood collection points, 156 laboratories and 19 imaging
facilities.
The group competes in laboratory testing with Synevo, owned
by Sweden's Medicover MCOVb.ST and Grupa Alab, and in
diagnostic imaging with Voxel VOXP.WA and insurer PZU
PZU.WA .
It reported revenue of 1.6 billion zlotys and a recurring
core profit (EBITDA) of 383 million zlotys in 2023.
It said in the prospectus that the management intends to
recommend a dividend of 50% of net profit, with possibility to
hike that in years of "exceptionally good" financial results.
($1 = 4.0857 zlotys)
(Reporting by Adrianna Ebert and Anna Pruchnicka; Editing by
Milla Nissi)
((Adrianna.Ebert@thomsonreuters.com; +48 58 769 65 88;))