WSE Debuts with 18 pct Gain, Turnover Exceeds PLN 200 m in First 5 Minutes of Trade

chart : http://gospodarka.gazeta.pl/Gielda/0,83497,GPW.html

The Warsaw Stock Exchange debuted on its own main floor at PLN 50.75, 18 percent above its IPO price for retail investors and 10.3 percent above the IPO price for institutional investors, with turnover exceeding 200 million zlotys in first five minutes of trade. At 9:23 turnover reached 247 million zlotys while the price had edged up further to PLN 51.75.

Nearly 26.8 million shares of the Warsaw Stock Exchange began trading on the bourse today, marking Poland’s last major privatization via the stock market this year.

The flotation of the WSE IPO would be historic and would "crown 20 years of economic transformation" in Poland since the fall of communism in 1989, Treasury Minister Aleksander Grad had earlier said.

The government plans to float up to 64% of the bourse's equity but will retain a majority of the shareholder votes. WSE set the reference price on stock debut at PLN 43. The IPO is expected to raise as much as 1.1 billion zlotys.

WSE's stock debut is expected to be a success, with an issue price at PLN 43 and 323 000 retail subscribers. The shares may generate up to 23% profit, Invest Consulting analyst Wojciech Szymon Kowalski told Puls Biznesu daily on Monday. 

Less active investors may treat the shares as a long term investment, especially in light of the promised dividend, Noble Securities analyst Boguslaw Tazbirek. 

The WSE shares may be traded for PLN 48.7 at the open of the first day of listing, according to the mean of forecast by 12 institutions surveyed by Parkiet daily. 

The WSE is the biggest exchange in central Europe – recently overtaking the Vienna bourse – and has been one of Europe’s leaders in IPOs. 

Poland to Get at Least $402 Million From Warsaw Bourse IPO

Poland will raise 1.2 billion zloty ($420 million) from the Warsaw Stock Exchange’s initial public offering, in which Treasury Minister Aleksander Grad said demand was “outstanding.”

Retail investors will pay the maximum price of 43 zloty a share, Grad said today. The price for institutional investors was set at the top of a range of 36 zloty to 46 zloty, TVN CNBC said, citing a report by Reuters.

The government offered 64 percent, or 26.8 million shares, of the country’s sole stock exchange as part of a plan to raise 25 billion zloty to help finance the budget gap. Institutions will get 70 percent of the IPO and the final price for them will be announced by tomorrow, according to the IPO prospectus.

The price of 46 zloty per share is “close to the company’s fair value and probably doesn’t offer much upside potential,” Piotr Palenik, a Warsaw-based analyst at ING Groep NV, said by phone. The bourse’s valuation “is somewhere between cheaper western exchanges and hot stock markets of Asia or Latin America,” he said.

The Warsaw exchange is valued at around 19 times its 2010 net income, based on the IPO price for institutional investors, according to Palenik. The median ratio of 19 world exchanges is 16.9 times estimated earnings, he said. The London Stock Exchange Group Plc trades at 11 times this year’s profit, while Brazil’s BM&FBovespa SA, the operator of Latin America’s largest exchange, is valued at 21 times earnings, according to data compiled by Bloomberg.

Emerging Europe’s First

As many as 323,000 individual investors signed up by yesterday’s deadline to buy shares in the Warsaw exchange, the first emerging European bourse operator to go public, Grad said. Bookbuilding for institutional investors ended at 1 p.m. Warsaw time today.

“Poland is seen as a very credible partner and we can announce even the biggest transaction and investors will come running,” Grad said during a speech at Warsaw University.

The Polish exchange has a market capitalization of $187 billion, making it the third-largest in emerging Europe after markets in Russia and Turkey. It has expanded faster than any other exchange in the region, more than doubling the number of traded companies and almost tripling daily turnover in the past decade, according to its website.

Most IPOs

Poland, which this year sold stakes in its largest power, copper, insurance and phone companies, has had the highest number of IPOs annually in central Europe since at least 2004, according to data compiled by Bloomberg. Fifty-nine IPOs have raised $4.37 billion in 2010, the largest coming from state- owned insurer PZU SA and energy utility Tauron Polska Energia SA, the data show.

More than 250,000 individual investors subscribed for shares in PZU’s IPO while the sale of Tauron attracted orders from 231,000 Poles, according to the Treasury Ministry’s data.

PZU shares have jumped 22 percent from their April sale price and Tauron has climbed 29 percent since the government sold a stake in June. The benchmark WIG20 Index fell 0.1 percent at the 4:30 p.m. close in Warsaw, trimming this year’s gain to 10 percent.

Poland next year plans to sell to the public shares in Bank Gospodarki Zywnosciowej SA, coking coal producer Jastrzebska Spolka Weglowa SA and a real-estate holding company, Grad said.

Citigroup Inc., Goldman Sachs Group Inc., JPMorgan Chase & Co. and UBS AG are the global coordinators of the exchange’s offering. Ipopema Securities SA, KBC Groep NV, Societe Generale SA, PKO Bank Polski SA, Bank Ochrony Srodowiska SA, Alior Bank SA, Banco Espirito Santo SA, IDM SA and Wood & Co. helped manage the bourse’s sale.

Poland Increases Price Range in Warsaw Exchange IPO

(Bloomberg) -- Poland increased the upper end of the price range in the initial public offering of the Warsaw Stock Exchange, the first emerging European bourse operator to go public, according to sale terms obtained by Bloomberg News.

The government is selling shares in the country’s sole stock exchange to institutional investors at 36 zloty to 46 zloty each, a 7 percent increase in the upper limit from the maximum price for individual investors, according to the terms. The IPO is part of a plan to raise 25 billion zloty ($8.9 billion) this year to help finance the government’s budget gap.

“There must be big demand for the shares as the company is an attractive asset, and so they’re trying to sell it at a higher price,” said Marcin Materna, head of equity research at Bank Millennium SA. “This is probably unprecedented in Poland as I can’t remember the government raising an IPO price as the sale is still going on.”

Demand for shares is “above average,” Ludwik Sobolewski, the chief executive officer of the Warsaw bourse, said during a conference call with reporters, declining to give figures for the new price range.

The Polish exchange has a market capitalization of $190 billion, making it the third-largest in emerging Europe after markets in Russia and Turkey. It has expanded faster than any other exchange in the region, more than doubling the number of traded companies and almost tripling daily turnover in the past decade, according to its website.

Poland, which has sold stakes in the nation’s biggest insurance, energy, copper and phone companies this year, has had the highest number of IPOs annually in central Europe since at least 2004, Bloomberg data show. Fifty-eight IPOs have raised $4.36 billion in 2010, the largest coming from state-owned insurer PZU SA and energy utility Tauron Polska Energia SA.

PZU, Tauron

PZU shares have jumped 19 percent from their April sale price and Tauron has climbed 25 percent since the government sold a stake in June. The benchmark WIG20 Index fell 0.8 percent today, trimming this year’s gain to 9.7 percent.

Maciej Wewior, a spokesman for the Treasury Ministry, declined to comment on the price range when contacted by phone today. He reiterated earlier statements that “in theory” the price at which the government will sell shares to institutions may be higher than for individual investors.

The maximum price for retail investors, who can buy as much as 30 percent of 26.8 million shares being sold in the IPO, was set at 43 zloty a share and cannot be increased, according to the prospectus.

Bookbuilding

The government, which is selling 64 percent of the bourse, will continue bookbuilding, or taking share orders, from institutional investors until Oct. 28, and is due to announce the final price by Oct. 29. Bookbuilding was shortened by four hours, to end at 1 p.m. local time on Oct. 28, the bourse said on its website today.

Based on the maximum offer price for individuals, the Warsaw exchange would be valued at 17.9 times its 2010 net income, compared with a median ratio of 16.9 for 19 world exchanges, according to ING Groep NV estimates on Oct. 22.

Citigroup Inc., Goldman Sachs Group Inc., JPMorgan Chase & Co. and UBS AG are the global coordinators of the bourse’s offering. Ipopema Securities SA, KBC Groep NV, Societe Generale SA, PKO Bank Polski SA, Bank Ochrony Srodowiska SA, Alior Bank SA, Banc Espirito Santo SA, IDM SA and Wood & Co. are helping manage the sale.

WSE maximum share price set at PLN43

The maximum issue price of Warsaw Stock Exchange shares in a public offer tranche for individual investors has been set at PLN43.

The public offer starts on October 15 according to the company's prospectus. The Polish Treasury is selling 26,786,530 shares .

Subscription for shares from individual investors will be accepted between 18 and 27 October, according to the prospectus. The division of shares into tranches and the selling price are to be decided on October 28.

The first day of trading WSE shares is to be Nov. 9.

Eetek Energy Eyes EUR 70m from Listing on Warsaw Bourse

Budapest-based renewable energy firm Eetek plans raising EUR 70 mln from its IPO on the Warsaw Stock Exchange, which should take place mid-October, company officials told a news conference.

Means from the issue will partly finance Eeetek capex plan amounting to EUR 171 mln, the official added. The remaining sum will come from banking debt and own means.

Eetek will float 11.2 mln shares, out of which 9 mln is a new issue.
Maximum issue prices was set at PLN 32. Retail investors in Poland will be offered up to 1.7 mln shares and European institutional investors up to 9.5 mln shares.

The group's investment program consists of 12 wind farm, solar power plant and biomass power plant projects ready for implementation, Eetek press statement out in early September showed.

Poland May Exceed $8.3 Billion Asset Sale Target

(Bloomberg) -- Poland may raise more than the planned $8.3 billion from asset sales this year if it completes deals to sell utilities Enea SA and Energa SA and finds buyers for the Warsaw Stock Exchange in an initial public offering.

“If the Energa, Enea, and the Warsaw bourse transactions go according to plan, we will exceed the target,” Deputy Treasury Minister Jan Bury, who is in charge of the energy sector, said in an interview yesterday.

The government plans to raise 25 billion zloty ($8.32 billion) this year to help finance the growing budget deficit. It has already booked 13.1 billion zloty from selling stakes in companies, including copper producer KGHM Polska Miedz SA, insurer PZU SA, and the country’s second-biggest power group Tauron Polska Energia SA.

On Sept. 14 the Treasury agreed to sell an 84 percent stake in its fourth-largest power group Energa to PGE SA, the state-controlled company that’s Poland’s biggest utility, for 7.53 billion zloty. PGE will now battle the antimonopoly regulator, who opposes the deal, to get the consent to complete the transaction in time for the government to book the proceeds this year.

The sale of the 51 percent stake in Poland’s third-largest utility Enea is also “very likely” to bring “decent proceeds” based on the benchmark value set in the Energa transaction, Bury said. Five companies, currently conducting due diligence in Enea, have until Sept. 27 to place binding offers.

Bury reiterated that the ministry wants to achieve a 10 percent to 20 percent premium over the market price for Enea, with the entire company valued at 9.27 billion zloty at 9:43 a.m. in Warsaw trading today.

Enea Bidders

Based on the yet undisclosed list of Enea bidders, Bury sees “no risk” that the regulator could block the sale.

While the ministry is “determined” to reach the 25 billion-zloty target, it won’t attempt this year to sell a stake in PGE itself to make up for a possible lack of Energa or Enea revenues, Bury said.

“Such a gap would be difficult to cover,” he said.

The Treasury now holds 79 percent in PGE and the government’s strategy obliges it to keep a majority stake in the company that went public last year, holding the biggest European IPO of 2009. The deputy minister maintained the plan to sell a stake of “10 percent or a bit more” in the utility next year. The company’s market value increased to 45.1 billion zloty today, after shares rose 0.5 percent in Warsaw.

Poland wants the Warsaw bourse to start trading in November after the IPO, in which the government plans to sell a 64 percent stake.

Citi, JP Morgan, Goldman Sachs, UBS to Manage WSE Privatization

Poland selected Citi Handlowy, JP Morgan, Goldman Sachs, and UBS as global managers of Warsaw Stock Exchange privatization, the Treasury said in a press statement.

The Treasury also selected PKO BP, IPOPEMA Securities, KBC, Societe Generale as bookrunners. DM BOŚ, DM Alior Bank, DM Banco Espirito Santo Polska, IDM S.A., Wood&Company were selected as co-managers.

The Treasury plans to sell 63% in the WSE, with market debut planned for early November.

Tauron Shares Available to Foreign Investors Ahead of WSE Debut

Power group Tauron is seeing institutional investors already trade the company's shares ahead of the June 30 debut, with sellers including mainly foreign investors, the daily Parkiet writes citing own findings.

The price - PLN 0.572-0.579, equivalent of PLN 5.148-5.211 after reversed split, as given by the daily - may be indicative of the possible price development at the debut, given that market conditions don't change significantly, manager of Poland's major investment fund told the daily.

Poland Raises $1.28 Billion From Utility Tauron’s IPO

(Bloomberg) -- Poland sold 4.21 billion zloty ($1.28 billion) of shares in Tauron Polska Energia SA, the country’s No. 2 utility, after Europe’s debt crisis prompted it to price the stock near the bottom of the target range.

The Treasury Ministry sold a 52 percent stake for 0.57 zloty a share in an initial public offering, compared with a range of 0.55 zloty to 0.70 zloty a share, Treasury Minister Aleksander Grad said at a news conference in Warsaw today. Institutional investors were limited to 5 percent each.

The IPO, Poland’s third-largest since 2004, brings the government almost halfway to its goal of 25 billion zloty in 2010 asset sales to help finance the budget deficit. Poland sold Tauron even after Europe’s debt crisis prompted at least 34 companies, from London-based Ferrous Resources Ltd. to Chinese wind-turbine maker Xinjiang Goldwind Science & Technology Co., to postpone sales since the beginning of May.

“The IPO price is very attractive and offers a good discount to two publicly traded peers,” said Bartlomiej Kubicki, a Vienna-based analyst at Raiffeisen Centrobank AG.

The price gives Tauron an enterprise value, or the sum of its stock and debt minus cash, of almost 3.7 times earnings before interest, taxes, depreciation and amortization, according to Kubicki. That compares with a ratio of 4 at third-largest power group Enea SA. PGE SA, Poland’s biggest utility, is valued at 5.5 times forecast 2010 earnings.

Limits on Institutions

The limit on purchases by institutional investors also applies to copper producer KGHM Polska Miedz SA, Grad said, adding that more than 120 institutions bid in the IPO. Demand was boosted by more than 230,000 individual investors, who received 25 percent of the offering.

“The government was very wise in limiting holdings to 5 percent,” Christopher Palmer, who helps oversee $4.5 billion as head of global emerging markets at Gartmore Investment Management Ltd. in London, said by phone. “In this environment it’s important that the deals go well. By leaving some participants short it’ll help the price on the market.”

KGHM had said 10 percent of Tauron was the “optimal” stake and 0.7 zloty a share was an “attractive” price. Chief Executive Officer Herbert Wirth last week declined to comment in an interview on whether his company will buy stock on the market if it gets fewer shares than planned.

Poland was the only country in the European Union to avoid a recession last year, buoyed by exports, domestic demand and government investments. The benchmark WIG20 Index of stocks has lost 0.4 percent this year, after rallying 33 percent in 2009.

‘Quality Market’

“Poland is viewed as a quality market,” Alison Harding- Jones, managing director at UBS AG, which also helped manage the sale, told Bloomberg in Warsaw today. “There are very few places in the world where investors would feel comfortable putting their money in, and Poland is one of them.”

The sale brings Polish 2010 asset-sale revenue to 11.7 billion zloty so far, including stakes in insurer PZU SA, copper producer KGHM and oil refiner Grupa Lotos SA, according to the Treasury Ministry’s website.

UBS and UniCredit are the global coordinators of Tauron’s sale. Bank of America Corp. Merrill Lynch, ING Groep NV, BRE Bank SA, PKO Bank Polski SA, Bank Ochrony Srodowiska SA, Bank Pekao SA and Trigon also help arrange the offering.

Tauron shares will start trading on the Warsaw Stock Exchange on June 30, Grad said. The bourse said June 16 that Tauron could join the WIG20 Index as of July 5 if the value of its shares in free float reaches 5 percent of the capitalization of all the index’s members on the debut day.

Index Membership

That means Tauron would need to close about 14 percent above the issue price on June 30, with the WIG20 trading at about 2,400, according to Pawel Puchalski, an analyst at Bank Zachodni WBK SA.

The lower the WIG20’s value, the bigger the chance for Tauron to join the index, Puchalski said by phone today. The measure declined 0.7 percent to 2,379.48 today.

When the power group starts trading, the issue price will change to 5.13 zloty after Tauron conducts a so-called reverse split. The process, which multiplies the value of each share by nine, will help “avoid the risk that characterizes trading below 1 zloty a share,” Tauron said in the IPO prospectus.

For such shares a price change of 0.01 zloty, the minimum allowed on the Warsaw bourse, means a percentage change of at least 1 percent.

Tauron IPO Price Set at PLN 0.57, Retail Investors to Get 25 pct of Offer

Poland sets IPO price at Tauron power at PLN 0.57, allocation to retail investors was increased to 25% of IPO offer, but largest subscriptions will nonetheless be trimmed, Tauron said in a market filing.

Poland will trim allocation to institutional investors to 5%, Treasury Minister Aleksander Grad said at a news briefing. Poland saw 121 institutional investors subscribe for Tauron's shares, twice as many domestic as foreign institutions, Grad said.

Poland to Pursue Chemicals Firms Privatization Despite No Interest from Investors

Listed chemicals companies Police and Pulawy are seeing no interest from investors, who have to date failed to collect privatization memoranda since they were made available last week, deputy Treasury Minister Adam Leszkiewicz said.

Poland will not resign from the privatization of chemicals firms, Leszkiewicz said.

Poland welcomes investor offers for Police and Pulawy until June 28.

Grad: One Share in Tauron Will Cost PLN 0.70

Power group Tauron set the maximum price for retail investors at PLN 0.70 and allowed for it to be exceeded in the institutional investors' tranche, Treasury Minister Aleksander Grad told a press conference in Katowice.

"Institutional investors will be allowed to exceed this price," he added.
Poland will sell up to 7.389 bln shares or 53% of power group Tauron with books to be run from June 4 to June 21 and issue price to be announced on June 22, the company said in its issue prospectus out Tuesday.

Kulczyk Oil Ventures Cut Its IPO Price by 28 Percent

Upstream company Kulczyk Oil Ventures saw little interest in its planned debut due to difficulties in the company's valuation and estimation of chances of success in planned exploration works, the daily Parkiet writes.

Nevertheless KOV is satisfied with the demand for its share for the coming debut, considering current stock market sentiment, CEO Timothy Elliott said.

On Tuesday the company decided to offer 166.4 mln shares, 51% of the initial plan, for PLN 1.89 apiece down 28% from the maximum price set in end-April.

PZU Shares Launched on Warsaw Bourse in Europe’s Largest Stock Debut This Year

Poland’s top insurer PZU closed up 15.2% to PLN 360 on its debut day, on a massive turnover of PLN 5.1 bln, capping Europe’s largest IPO this year.

PZU will be included in the large-cap index WIG20, replacing ceramics firm Cersanit, on May 14 post-session, WSE announced in a statement.

"The extraordinary revision of indices is a consequence of PZU debut, whose value of share in turnover on the first day of trade constitutes 5% of the WIG20 index capitalization that day," the statement read.

PZU Insurer Sees 250k Poles Subscribe for Shares

Poland's top insurer PZU saw 250k retail investors subscribe for the firm's shares in the planned IPO, no reduction will be conducted, Treasury Minister Aleksander Grad told a press briefing.

"Over 250k Poles signed up for PZU shares," Grad said, adding that over PLN 2 bln was spend on the shares.

PZU will set the price for institutional investors on Friday, April 30.
PZU will debut on May 14, offering 25,819,337 or 29.9% of existing shares.

The Treasury will offer at least 12,866,492 (14.9%) shares and an additional 5% stake. Dutch insurer Eureko will offer 6,044,661 (7%) shares and an additional stake of 2,590,569 (3%) shares.

Cena maksymalna w ofercie PZU ustalona na 312,5 zł

Cena maksymalna akcji PZU w ofercie publicznej wynosi 312,50 zł, poinformowała spółka w poniedziałek. Oznacza to, że wartość IPO tej spółki wyniesie ok. 8.068 mln zł brutto. Debiut największego ubezpieczyciela planowany jest na ok. 14 maja.

Zasady składania zapisów:

• Każdy Inwestor Indywidualny może złożyć tylko jeden zapis na akcje,
• Minimalna wielkość zapisu to 3 akcje, maksymalna to 30 akcji. […]
• Zapis składany jest po cenie 312,50 PLN

- podał Dom Maklerski PKO BP, pełniący rolę oferującego, w komunikacie na stronie internetowej.

W ramach oferty akcjonariusze PZU - Eureko oraz Kappa (spółka celowa należąca do Eureko B.V. oraz Skarbu Państwa, utworzona na potrzeby oferty) planują sprzedać akcje reprezentujące 21,9% kapitału zakładowego PZU (18.911.153 akcje). Z tego 14,9% akcji oferuje Kappa, a 7% - Eureko. Dodatkowo, Eureko może zaoferować 3%, a Skarb Państwa - do 5% akcji PZU. W sumie oferta obejmuje do 29,9% akcji (do 25.819.337 szt.).

Zapisy na akcje PZU w transzy inwestorów detalicznych w ofercie - obejmującej w sumie do 29,9% kapitału tej spółki - rozpoczną się we wtorek, 20 kwietnia, równocześnie z budową księgi popytu wśród inwestorów instytucjonalnych. W dniach 20-28 kwietnia odbędą się zapisy na akcje wśród inwestorów indywidualnych, na okres 20-26 kwietnia zaplanowano zapisy wśród osób uprawnionych.

Inwestorzy indywidualni oraz osoby uprawnione (m.in. agenci PZU, pracownicy spółek z grupy, którzy nie byli uprawnienie do objęcia akcji bezpłatnych) będą mogli złożyć zapisy na maksymalnie 6 mln akcji. Ponadto każda uprawniona osoba będzie mogła złożyć zapis dodatkowo na max. 50 akcji, objętych 3-letnim lock-upem.

Inwestorzy indywidualni, którzy nabędą akcje PZU i nie sprzedadzą ich przez rok od dnia debiutu na GPW, otrzymają zniżkę wysokości 100 zł na zakup produktów spółki.

W poniedziałek zarząd PZU rozpoczął budowę księgi popytu wśród inwestorów instytucjonalnych. W planach jest 555 spotkań na trzech kontynentach.

Budowa księgi popytu wśród inwestorów instytucjonalnych potrwa od 20 do 29 kwietnia. Po jej zakończeniu 29 kwietnia zostanie ogłoszona ostateczna cena oferty i zostanie dokonany podział oferowanych akcji na transze.

W dniach 30 kwietnia - 5 maja odbędą się zapisy wśród inwestorów instytucjonalnych. A na 6 maja zaplanowano ich przydział. Debiut przewidywany jest na 14 maja.

Poland Approves PZU Sale, Europe’s Biggest 2010 IPO

(Bloomberg) -- Poland’s financial regulator approved the prospectus for an initial public offering worth at least 5.5 billion zloty ($1.9 billion) by state-owned insurer PZU SA, which would be the biggest European IPO in 2010.

The government and Eureko BV will seek to sell as much as 30 percent of central Europe’s biggest insurer, the regulator said in an e-mailed statement today. The IPO documents will be published on April 16.

The offering is part of the government’s plan to raise a record $10 billion from the sale of state assets this year to help finance the widening budget deficit. Poland also wants to sell stakes in its biggest energy, chemical and phone companies as well as the Warsaw Stock Exchange.

The PZU sale plan comes as the Warsaw Stock Exchange extended its rally to a 19-month high yesterday, even after a plane crash on April 10 killed the country’s president, Lech Kaczynski, the central bank governor and dozens of officials. Tauron Polska Energia SA, a state-owned power group, yesterday filed an IPO prospectus, seeking to go public by June.

PZU owners planned to start meeting investors and set a price range for the deal this week, two people familiar with the terms said on April 6. The price is likely to be set around April 26, with trading in Warsaw starting the week of May 10, said the people, who declined to be identified because the terms are private.

One-Time Option

Poland and Eureko set the minimum value for the entire company at 25 billion zloty, or 289.5 zloty a share, in an October agreement that resolved an eight-year dispute over PZU’s ownership and opened the door to an IPO. The insurer’s two biggest owners earlier said they planned to sell a stake of at least 22 percent, valuing the holding at 5.5 billion zloty.

The price for one PZU share in over-the-counter trade now is about 360 zloty, said Marcin Juzon from a private-equity firm Secus Holding SA, which holds “several thousand” PZU shares in behalf of its clients. He expects PZU owners to set the price range from 300 zloty to 400 zloty a share.

The minimum valuation set by owners would make PZU the biggest IPO in Europe since Polish power group PGE SA last year, exceeding the 760 million-euro ($1.03 billion) March sale by Kabel Deutschland Holding AG.

Eureko has a one-time option to block the initial offering if it thinks the price is too low, according to the accord it reached with the government last year.

PZU największa prywatyzacja w Polsce

Wielkimi krokami zbliża się największa prywatyzacja w Polsce. Sprzedaż akcji PZU może przebić nawet giełdowe debiuty PGE czy słynną ofertę akcji banku PKO BP - pisze "Polska The Times".

Ministerstwo Skarbu zapowiedziało, że w połowie maja na giełdę, oprócz pakietu akcji Eureko, trafi także do 5 proc. akcji ubezpieczyciela należących do Skarbu Państwa. Do kupienia może być więc około 20 mln sztuk akcji PZU o łącznej wartości ok. 6 mld zł.

Prospekt emisyjny PZU trafił co prawda do Komisji Nadzoru Finansowego już 10 marca. Teraz jednak resort skarbu zamierza go skorygować o dodatkową pulę akcji. W czwartek wieczorem na stronie internetowej Ministerstwa Skarbu pojawił się komunikat, w którym resort podaje, że Eureko zadeklarowało, że podczas debiutu PZU sprzeda nie mniej niż 17 proc. akcji spółki, bezpośrednio lub za pomocą spółki celowej Kappa. Dodatkowo na rynek prawdopodobnie trafi do 5 proc. akcji należących do państwa.

Resort tłumaczy w komunikacie, że zwiększenie puli akcji, które mają zostać sprzedane, związane jest z dobrą koniunkturą na rynkach kapitałowych. Równocześnie ministerstwo zastrzega, że Skarb Państwa zamierza utrzymać strategiczną kontrolę nad spółką. Akcje spółki na potrzeby debiutu nie zostały jeszcze wycenione. Brokerzy szacują, że jedna akcja zostanie wyceniona na około 300 zł. Zdaniem Marka Zubera, eksperta Dexus Partners, PZU jest dobrą, dynamicznie rozwijającą się spółką, ale trzeba liczyć się z tym, że jej akcje trzeba będzie trzymać kilka lat.

Jedynymi, którzy mogą być pewni wygranej na akcjach PZU, są pracownicy spółki. Gdy Skarb Państwa w 1999 r. sprzedał Eureko akcje PZU, ponad 19 tys. pracowników spółki otrzymało prawo do darmowych 14,9 proc. akcji.

Poland’s PGE’s IPO – The Highest Initial Public Offer in Europe This Year

Stock : PGE (WSE) 

Power group PGE's rights to shares gained 13% on their WSE debut with turnover reaching 2.6 billion zlotys vs 4 billion zlotys for all WSE-listed companies, the daily Rzeczpospolita writes. 

Only once, during the debut of bank PKO BP, was the turnover on the debuting stock higher, the daily reminds. PGE's IPO is the highest initial public offer in Europe this year. 

Almost 20% of PGE shares changed hands on Friday, with mostly small and foreign investors selling, one of local brokers told the daily.