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Play details Polish IPO plans

Play details Polish IPO plans

Poland’s Play is offloading PLN5.3 billion (€1.3 billion) of shares in its recently announced IPO.

As much as 48% of the total issued shares will therefore be in free-float. The maximum price will be PLN44 per share, with retail investors as well as authorised employees given the opportunity to obtain stock. Play employees will receive a 15% discount if they obtain shares in the IPO, subject to a one year lock-up.

Play was a relative latecomer to the Polish mobile market, but has seen significant uptake, eventually becoming the market’s second largest operator in terms of subscriber numbers. It is expected to begin trading on the Warsaw Stock Exchange on 27th July, with its IPO reportedly the biggest listing in Poland since 2011.

Jorgen Bang-Jensen, CEO of parent firm Play Communications, said: “I am looking forward to meeting potential investors in the next two weeks to present one of the outstanding success stories in the European wireless sector.”

Play Communications is owned by investment groups Novator and Tollerton Investments. It has stated that it will use proceeds from the IPO to pay down debt, offer shareholder dividends, and deliver on incentive plans.

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