Play announces IPO details

Mobile operator Play will float 121.57 million of its existing shares in what will most likely be the biggest IPO on the WSE since 2011. Telecom, owned by Greek fund Tollerton and Icelandic investor Novator, will sell 48.6 percent of its total equity. No new share issues are planned. With the maximum price set at PLN 44 apiece, the company would be worth PLN 11.2 billion. Institutional bookbuilding started on Monday and is expected to close on July 13 when the final pricing will be announced. Play expects to debut on the WSE on July 27. 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.