Raiffeisen asks to delay IPO. KNF denies

According to Bloomberg, the management of the Raiffeisen asked the Polish Financial Supervision Authority (KNF) to postpone the IPO after the end-June date set by KNF, citing uncertainty in the way the FX-denominated loans would be exchanged into PLN-denominated loans, as there are still several options being considered by the government. The Authority however, issued a statement where it reiterated that the date is still valid. Under the agreement, Raiffeisen Bank Polska is committed to float at least 15 percent of its shares on the Warsaw Stock Exchange by June 30, 2017. Its owner, Austrian Raiffeisen Bank International is also set to dual list its shares on the WSE by mid-2018. If it fails to do so, the free float of its Polish unit has to be increased to 25 percent. The lender submitted its issue prospectus for its Polish unit on April 12, the KNF noted. That documentation remains under KNF consideration.