The maximum price, at which subscriptions should be filed by individual Polish investors, has been determined by the Polish State Treasury in agreement with the Global Coordinators and in consultation with the Offering Agent. It has been set taking into account the company’s fundamental value, market valuations of comparable companies and conditions in the capital markets.
The final sale price will be determined by the selling shareholder (the Polish State Treasury), in agreement with the Global Coordinators and in consultation with the Offering Agent, after completion of a bookbuilding process among institutional investors, and is expected to be announced on or around 29 October 2010.
The sale price for institutional investors may be higher than the maximum price. The sale price for individual investors will not be higher than the maximum price. If the final sale price is set at or below the maximum price, it will be the same for individual and institutional investors.
Polish Minister of the State Treasury Aleksander Grad commented:
“We have established a successful trend of participation in privatisations by retail investors and we are keen for individual Polish investors to benefit from the IPO of the Warsaw Stock Exchange. We are determined to develop WSE as the leading financial hub in CEE.”
Ludwik Sobolewski, President & CEO of Warsaw Stock Exchange commented:
“We are delighted to be offering retail investors the opportunity to participate in the IPO of WSE, which is one of the most important events in the Polish privatization programme. Polish retail investors have played an important part in recent privatizations and the development of the Polish capital market.”
