Coal firm JSW's IPO kicks off on Jun 13, individual investors likely to get 30%
2011-06-10 12:46:11
The IPO of the EU's largest coking-coal producer Jastrzebska Spolka Weglowa (JSW) is due to kick off on Jun 13 with book building for institutional investors. At the same time, treasury minister Aleksander Grad said he expected the retail investors tranche to be raised to the prospectus-envisaged limit of 30% of the stake on offer from the preliminary 25%.
"Intuition suggests me that increasing the shares volume in this tranche to 30% is due to take place," Grad told a press conference.
The public offering consists of 39,496,96 ordinary shares for bearer of A and B series worth nominally PLN 5 per each. Shares are standing for 33.1% of the company's capital (including the issue of shares C and D series). On Jun 14, the subscriptions from individual investors and from entitled persons is to be launched.
By Jun 13, the maximum price is to be published. The subscriptions for entitled persons is to end on Jun 24, in the case of individual investors - on Jun 27, and in the cause of institutional investors, it is to take place from Jun 29 to Jul 1. The final issue price is to be announced on Jun 28.
The treasury ministry stresses that IPO would entail a lock-up. "Both the treasury and the company have pledged not to sell and issue shares within 360 day from shares' debut on the WSE, excluding the issue of employees shares", the treasury wrote in its communiqué.
The IPO's broker is DM PKO Bank Polski. Securities of the issue prospectus are 93,920,997 shares of series A and B and 5,273,973 shares of D series. The public offering is to take over 39,496,196 shares of series A and B. The possible is the sale of shares belonging to the treasury, which controls 100% share now.
The plan assumes that on July 6, the company is to debut on the Warsaw Stock Exchange (WSE).
The WSE's CEO Ludwik Sobolewski expects JSW's shares to be included in the bourse's blue-chip index WIG20 still this year.