NP playing for keeps
Nafta Polska has decided not to sell its 8.9 million shares in Polish oil group Lotos during Lotos' initial public offering (IPO).
This has reduced the available shares by 20 percent and enabled Lotos to raise the share price to zł.29.
"Nafta Polska ... has decided not to sell its shares in Lotos within the next six months, meaning not before November 30," Lotos said in a brief statement. Although investors are keen to get a piece of Lotos, Nafta was apparently unsatisfied with price they were offering.
"The tranche for institutional investors was oversubscribed, but the company wasn't happy with the price," a source close to Nafta said.
Analysts had expected the price-per-share to be zł.27. Now, 35 million new issue shares will be available in the IPO, out of a total 113.7 million shares that the company will have outstanding. This new share price puts Lotos' value at zł.3.3 billion. (Reuters)
This has reduced the available shares by 20 percent and enabled Lotos to raise the share price to zł.29.
"Nafta Polska ... has decided not to sell its shares in Lotos within the next six months, meaning not before November 30," Lotos said in a brief statement. Although investors are keen to get a piece of Lotos, Nafta was apparently unsatisfied with price they were offering.
"The tranche for institutional investors was oversubscribed, but the company wasn't happy with the price," a source close to Nafta said.
Analysts had expected the price-per-share to be zł.27. Now, 35 million new issue shares will be available in the IPO, out of a total 113.7 million shares that the company will have outstanding. This new share price puts Lotos' value at zł.3.3 billion. (Reuters)
