Arena.pl to float about $40 million in shares on bourse

Arena.pl to float about $40 million in shares on bourse Internet portal Arena.pl is planning to float shares, worth approximately $40 million, on a stock exchange. The exact amount of shares and the target stock exchange should be known by the end of the week. According to board member Anna Kesicka, the possible initial public offering (IPO) should take place in the first quarter of 2001. Before entering the market, Arena.pl wants to increase its capital twice. The first increase should be made by the end of September and will be about zl.10 million. In order to expand the company, Arena.pl is prepared to offer as much as 70% of its shares said Kesicka. US-based CentralEuropa.com LLC, which owns a majority of Arena.pl, wants to establish new portals under the same name in Czech Republic and Hungary, because it thinks the Polish market is too small to generate enough revenue. (Rzeczpospolita, page B5)