Polish developer Robyg sets final IPO price at 34 zlotys per share
Polish developer Robyg sets final IPO price at 34 zlotys per share June 24 (Reuters) - Polish property developer Robyg has set the final price for its initial public offering at 34 zlotys ($9) per share, below its previously announced maximum price of 36 zlotys, it said late on Tuesday.
The offering, valued at 1.18 billion zlotys, comprises 25 million existing shares sold by a unit of majority owner TAG Immobilien TEGG.DE and 9.6 million newly issued shares.
• Gross proceeds from the new shares and a separate management issue will total about 402 million zlotys
• Following the offering, TAG will retain a 65.85% stake in the developer.
• About 1.4% of the total offering was allocated to retail investors
• The developer aims to scale operations and consistently launch new projects to strengthen its market position, CEO Eyal Keltsh said
• The company's shares are expected to start trading on the Warsaw Stock Exchange on or around July 2
($1 = 3.7663 zlotys)
(Reporting by Rafal Nowak in Gdansk)
((RafalWojciech.Nowak@thomsonreuters.com; +48 58 769 66 63;))