XTB sets price for IPO at PLN 11.5 per share

Polish FX trading platform X-Trade Brokers set the final price for its IPO at PLN 11.5 per share, which puts the value of the offer at PLN 189 mln, the Polish Press Agency (PAP) said quoting an annex to the issue prospectus. XTB's lead shareholder XXZW Investment Group is selling 16.43 million shares, some 14 percent of the firm's capital. The shareholder will direct some 10-15 percent of the offer to retail investors. XTB plans to make its stock market debut around May 6. With no new shares on issue, XTB was not to receive any proceeds from the sale. X-Trade Brokers operates on 12 markets. In 2015 the brokerage earned gross PLN 274.7 million on financial instruments operations. Operating revenues amounted to PLN 282.5 million. The group earned net PLN 119 million, with a net margin of 42.1 percent.