Final countdown to Grupa Lotos IPO

The company projects that it will be able to raise zł.1.015 billion from the issue. On Friday, the subscription for shares for institutional investors was closed. The tranch for individual investors was assigned during a special session on Saturday. "The final size of the tranches will be known on Monday evening, and the possible scale of reduction for individual investors most probably on Tuesday. We expect that the reduction will be considerable," said Paweł Olechnowicz, Lotos's president. The issue price of one B series share was set at zł.29. The money raised will be spent on investments, which ultimately will absorb zł.5 billion. One of Grupa Lotos's main aims is the technical development and the expansion of its network of PROSTA gas stations. At the cost of zł.500 million, Lotos is planning to increase its share of the retail market from the present 6-6.5% to 12% in 2010. The firm is also planning to construct a number of installations to allow it to increase production, a project which will cost the company USD 763 million. (Parkiet, June 4-5, p. 3) A.F.