Tension mounts as Grupa Lotos debut nears

Small players can subscribe for shares untill May 25, whereas financial institutions have until May 30. Lotos will offer stocks worth a total of zł.300 million. The evaluation of Lotos shares has stirred much attention due to the poor standing of the index of Polmos Białystok whose shares on the debut were considerably overpriced and ruined the myth of a sure profit on shares of privatised state giants. The position of Lotos is estimated to be particularly unsure as its floatation is not accompanied with a discount rate and moreover, the employees will have the right to sell their shares from the beginning of the debut, which may affect the price. Based on the price bracket, Lotos will be able to raise between zł.910 million to zł.1.24 billion in the floatation. (Parkiet May 14-15 p. 3; Puls Biznesu pp. 1, 26) M.G.