EI likely to partially quit Teta during its IPO

"We plan to commence meetings with financial investors in November prior the shares subscription," said Jerzy Krawczyk, president of Teta. He refused to reveal details of the IPO, but the company plans to raise zł.5-7 million from selli ng 500,000 new shares. This means that the par value of the shares will stan d at zł.10-14 and it will constitute slightly over 7% of the firm's equity. Proceeds from the floatation will be designated for developing software for medium and large enterprises. The IPO will be much bigger, as the largest sh areholder, Enterprise Investors (EI), which has an 80% stake in the company, will use the opportunity to dispose of its shares. "The final decision conce rning how many shares will be sold has not been made yet," said Krawczyk. Th e investor will most likely dispose of half of its stake, which will mean th at investors will acquire shares worth in total zł.30-42 million. (Parkiet, p. 5) M.M.