Idea Bank launches IPO, will float 31% of shares

Polish lender Idea Bank, which focuses on SMEs, said in its prospectus that it is going to issue new and old shares, totaling 30.7 percent of the firm's increased capital. The debut will take place on April 16. Idea is looking to raise PLN 1 billion from the sale. The lender, controlled by Polish billionaire Leszek Czarnecki, will sell 20 million new shares and 7 million existing shares. The final price will be set on March 31. As a consequence of floating the shares, Idea is planning to obtain net profits of PLN 1 billion and part of the funds will be committed to new acquisitions. The offer will be targeted towards Polish individual and institutional investors.