Polish convenience store group Żabka priced its initial public offering (IPO) in Warsaw at 21.50 zlotys per share, at the top of the previously given range, valuing the group at 21.5 billion zlotys (€5 billion).
Żabka said its shareholders would offer 300 million shares in the IPO, bringing the total value of the offering to 6.45 billion zlotys (€1.5 billion).
"The offer price set at the top of the range reflects the significant interest that investors in Poland and abroad have shown in Żabka Group," CEO Tomasz Suchanski said in the statement.
IPO
Żabka's IPO will be Warsaw's biggest since online marketplace Allegro raised 9.2 billion zlotys in 2020.
It is also the fourth largest offering in Europe so far this year, behind those of Spanish beauty group Puig, Swiss skin care group Galderma and Żabka's main shareholder CVC Capital Partners.
The offer includes an over allotment of up to 45 million shares. If this option is fully exercised, the value of the offer will increase to 7.42 billion zlotys (€1.7 billion).
The selling shareholders will allocate 5% of the total number of the shares being offered to retail investors. Including the overallotment option, retail shareholders will be offered 4.4% of the shares.
The offer price is identical for retail and institutional investors, Żabka said.
The shares are expected to start trading on the Warsaw stock exchange on or around 17 October.
Earlier this week, Spanish frozen bakery producer Europastry said it had cancelled its market debut due to market instability.
The company and its shareholders will continue to evaluate the possibility of going public when the market situation allows it.
