Enterprise-backed XTB valued at €308.9m in Warsaw IPO

The company has not begun open trading yet and the GP did not sell any shares in the company in pre-trade placements, retaining its entire 19% stake held in the Polish Enterprise Fund VI vehicle. XTB's founders sold a 14% stake in the company, reducing their shareholding from 80.8% to 66.8% and received proceeds of €43m.

XTB's market cap was priced at €308.9m, with 14% of the company in free float on the Warsaw Stock Exchange.

Enterprise told unquote" the final share price was settled at PLN 11.50 per share and that its shares will be locked up for six months following the listing. Public trading will commence in the beginning of May.

According to documents filed with the Polish stock exchange, XTB is planning to raise $56m in the IPO, valuing the company at around $400m. XTB founder Jakub Zablocki will lock up his remaining 66-68% stake for 540 days after the IPO.

The GP acquired its stake in XTB in October 2010, investing €57m for its 19% shareholding, according to unquote" data.

Enterprise said in a statement it was the 33rd IPO from its portfolio since it was founded in 1990.

JP Morgan and Pekao Investment Banking – a division of UniCredit – were the lead bookrunners alongside Ipopema Securities.

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• Topics
• CEE
• Financials
• Poland
• IPO
• Enterprise Investors