Enterprise Investors exits Dino Polska shares in IPO bookbuilding

As part of the bookbuilding process for Dino's IPO – expected to take place on 21 April – Enterprise Investors allocated all of its shares in the company above the maximum price of PLN 33.5 as part of the public offering.

In a statement, the GP said the public offering had been substantially oversubscribed and was the 34th listing from its portfolio. Enterprise Investors held a 49% stake in Dino prior to the bookbuilding, through its Polish Enterprise Fund IV buyout vehicle.

The offering consisted of around 48 million existing shares, held by Enterprise Investors, with the remaining 50 million ordinary shares – around 51% of the share capital – being held by Dino founder Tomasz Biernacki. Biernacki will be subject to a 720-day lock-up period following the flotation.

According to the private equity firm, the IPO is expected to be the largest ever private-equity-backed flotation in CEE. At a share price of PLN 33.5, the total market cap of the company would be PLN 3.284bn, with the free float valued at around PLN 1.6bn.

PKO BP Securities, UBS, Wood & Company Financial Services and Spółka Akcyjna are acting as joint global coordinators and joint bookrunners, while Erste Group Bank is a joint bookrunner. The offering agent and the stabilising manager is PKO BP Securities.

The exit is the second large sale of a CEE supermarket chain by Enterprise Investors in the span of a few months, generating 7x money on the €533m sale of Romania's Profi to Mid Europa Partners in November. Enterprise Investors partner Michał Rusiecki said in a statement that the two disposals generated a combined €890m of proceeds at exit.

Previous funding
In June 2010, Enterprise Investors tapped its €658m Polish Enterprise Fund IV buyout vehicle to acquire a 49% stake in Dino Polska from its founder, paying €49.4m.

Company
Founded in 1999, Dino is a Polish supermarket chain operating across the country. Headquartered in Pleszew, Dino operates 628 stores and employs around 10,600 people.

Dino posted revenues of PLN 3.37bn in 2016, up 30% from the year before, which itself had grown by 22.8%. EBITDA adjusted for one-off items was PLN 288m in 2016, up from PLN 210m in 2015.

People
Enterprise Investors – Michał Rusiecki (partner).
Dino Polska – Tomasz Biernacki (CEO, founder).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Exits
• Consumer
• CEE
• Enterprise Investors
• Poland
• IPO