Polish insurer worth US$9.1bn following Warsaw float.
The largest IPO in Europe for two years has taken place as Polish insurer PZU was valued at some US$9.1bn after raising US$2.7 billion.
The Polish government and Dutch insurer Eureko sold 25.8mn shares, or 30% of the business. The sale was part of Poland’s disposal programme of its state assets to raise US$10 billion to finance the widening budget deficit and to support borrowing needs.
More than 250,000 individual investors applied for about 7mn shares valued at PLN312.5 each, according to reports.
The first day of trading is expected to be May 14 and is the largest debut in Europe since Spanish wind-park operator Iberdrola Renovables raised some US$6.55 billion in December 2007, according to Bloomberg.
Eureko expects to make €1.6bn before costs, adding some €700mn to its profits in the first half of the year. It now holds a 13% stake in the company.
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