Huge interest in Play IPO - media

According to several media outlets, the Play telecom IPO has attracted over 10k subscriptions for its shares from retail investors, and the book is already covered in 170 percent at the maximum PLN 34 apiece price. Individual investors can subscribe for Play shares until July 12, while the institutional subscriptions will last a day longer. The price in the IPO book building process has been set at PLN 34-44 apiece. Play, owned by Greek fund Tollerton and Icelandic investor Novator, will sell 48.6 percent of its total equity. No new share issues are planned. Proceeds from the IPO will be used to redeem €500 million bonds. The operator also plans to pay a PLN 650 million dividend next year. Existing shareholders agreed to a 180-day lockup for their shares following the IPO.