Opoczno's slow start
The company's biggest co-shareholder, Enterprise Investors, said it would wait for a better price for its near 50 percent stake, cutting the number of shares on offer by nearly half, to 8.3 million.
"We believe that this price doesn't match the value of the company ... we will maintain the growth of this company's value and will consider a secondary offering in nine to 12 months," said Enterprise partner Ryszard Wojtkowski.
Wojtkowski also said that he believed the timing of the sale, coming in a period of weak market sentiment and strong supply from other IPOs, had helped push down the share price, which would put the value of the entire company at zł.905 million.
Still, even at the high end of the price range Opoczno would have been worth just 1.15 billion zlotys - well short of the 2 billion zloty valuation Enterprise was talking about just five months ago. (Reuters)
"We believe that this price doesn't match the value of the company ... we will maintain the growth of this company's value and will consider a secondary offering in nine to 12 months," said Enterprise partner Ryszard Wojtkowski.
Wojtkowski also said that he believed the timing of the sale, coming in a period of weak market sentiment and strong supply from other IPOs, had helped push down the share price, which would put the value of the entire company at zł.905 million.
Still, even at the high end of the price range Opoczno would have been worth just 1.15 billion zlotys - well short of the 2 billion zloty valuation Enterprise was talking about just five months ago. (Reuters)
