An initial public offering for shares in Polskie Gornictwo Naftowe i Gazownictwo (PGNiG) will be launched, according to Bank BPH. The Polish gas monopoly will issue 900 million new shares series B.
Depending on the demand, 270m to 360m shares will be allocated to foreign institutional investors. Foreign investors interested in PGNiG shares may participate in a book-building process to be held between September 1 and 13, 2005. The company will most probably debut on the exchange on September 23, 2005. As this is a completely new issue, at first investors will be allocated tradable allotment certificates, which will be automatically converted into shares once the court registers the issue. Based on our experiences gained during recent IPOs we would like to draw your attention to the following two important issues related to the offer:
It is strongly recommended that all investors participating in the IPO double-check whether the number of the account and the account name in the subscription documents fully match the number and name of the account held with local custodian in Poland.
According to information received from the offer agent, payment for the shares in the foreign tranche will be executed separately to allocation of the shares.
“We expect that further large IPO on the Warsaw bourse may attract a considerable number of investors. Following the above guidelines during the IPO for PGNiG should reduce possible risk of delays in the delivery process,” according to Krzysztof Pekrul, Country Specialist, at Bank BPH.