Play to set IPO price at PLN 36 per share – media

According to various media outlets, WSE-bound mobile operator has set its IPO price at PLN 36 apiece. Initially, Play set the price range in its book building process at PLN 34-44 apiece, but narrowed it later to the PLN 36-38 range. The company 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. 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.