PLAY owners hope to scoop €1.3 billion from public listing

PLAY is hoping to raise €1.3 billion from its IPO, with its two owners set for a cash bonanza from the listing.

The Polish operator is looking to list up to 48 percent of its shares at PLN44 per share.

Should all 121.6 million shares get snapped up at the asking price, then owners Tollerton Investments and Telco Holdings can expect a windfall of PLN5.3 billion (€1.3 billion).

Employees can sign up for 668 shares each with a 15 percent discount, according to the IPO prospectus.

Final pricing details will be announced on 13 July, with the first day of trading as a public company slated for 27 July.

The two owners said last month that they planned to take all the proceeds from the listing, rather than reinvesting it back into the business.

CEO Jørgen Bang-Jensen said at the time that he was not worried by this given PLAY is “very cash generative”.

[Read more: PLAY Chief Executive eyes new content, enterprise offerings as operator targets IPO]

PLAY is Poland’s second largest mobile operator, with 14.3 million subscribers and a market share of 27.6 percent.

Operating revenue grew 9.6 percent to PLN1.6 billion and EBITDA increased 21 percent to PLN564 million in the first six months of the year.

Bang-Jensen said: “I am looking forward to meeting potential investors in the next two weeks to present one of the outstanding success stories in the European wireless sector.

“We believe our IPO offers investors the opportunity to benefit from our continued growth, cash flows and returns.”

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