Pekao S. A. public offering sets lower share price

The final price of 13.3 million shares of Bank Pekao S.A. was set at zl. 49 per share, zl. 5 lower than the preliminary price and zl. 3 less than the highest price. Thus domestic institutional investors, who were offered 40% of this stake, were not willing to pay more for the stock than the price set by the market. It is unknown how many institutional investors made purchases or who will be offered the remaining 1.2 million stake which was not bought. Individuals subscribed shares whose total value was zl. 300 million, 99% of which were bought in the first offer and came with a 10% discount. The average value of shares purchased was zl. 60,000. Meanwhile, another state-owned company, silver and copper conglomerate KGHM Polska Miedz (KGHM) announced it would delay its public offering. A sale of a 10% stake was planned for November, but State Treasury minister Andrzej Chronowski said, "an offer will be made for sure before the year ends, when conditions are more favorable than in November." (Gazeta Wyborcza, Oct. 28-29, pp. 1, 30; Parkiet, Oct. 28-30, pp. 1, 7)