EI's Novaturas sets share price for Warsaw and Vilnius IPO

The equivalent share price for investors in Poland has been set to PLN €44.13, with the offering to cover 2,104,648 shares, or 27% of the company's existing shares. Novaturas expects to list on 21 March 2018 on both the Warsaw and Vilnius stock exchanges.

According to a statement, the total value of the offering would correspond to an equity value of €22.1m and the company's market cap has been estimated at €82m.

EI, which holds a 70.7% majority stake via its Polish Enterprise Fund VI, and other shareholders are collectively selling shares in Novaturas.

Retail investors are offered an allocation of 121,902 shares, accounting for 5.8% of the total number of shares in the offering. Subscriptions for retail investors will be reduced approximately by 40%.

The offering is taking place in Poland, Lithuania and Estonia, with shares also offered to foreign institutional investors outside the US, in line with regulations.

The deal ends a 10-year holding period under EI, which invested €40m in the company to become the majority shareholder in November 2007, according to Unquote Data.

EI told Unquote it intends to retain a stake in the company, but it is not clear yet what percentage it will own post-IPO.

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