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Biggest insurer PZU submits IPO issue prospectus, offer seen by mid-year

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Date: 2010-03-10 08:55

The country's biggest insurer PZU has submitted the Financial Supervision Commission (KNF) with its issue prospectus related to the pending initial public offering, the firm has announced.


Its CEO Andrzej Klesyk said that PZU wants to debut on the Warsaw Stock Exchange (WSE) as early as possible and, since the insurer would not offer new-issue shares, the final decision would depend on current shareholders and market conditions. 

According to earlier information, a total of 17.2mn shares (20% of its capital, consisting of around 15% shares handed in to SPV Kappa and 5% from those still held by Dutch concern Eureko) in PZU would be offered in the insurer's IPO planned for May. 

The minimum value of the IPO I estimated at above PLN 5bn (EUR 1.25bn), but the "Parkiet" daily noted in late February that on the basis of the current price of employee shares (PLN 370-390) in non-public trade, the offer would be worth PLN 6.4-6.7bn (EUR 1.6-1.7bn). 

Also in late February, the treasury selected its advisory consortium for the project. Bank PKO BP will be the domestic offeror, while PKO BP and brokerage house DM BOS will act as domestic co-bookrunners. It also said that PZU's shareholders intended to stage the IPO in mid-2010.

tom