
Enterprise Investors sells 17.3% of PBKM ahead of Warsaw IPO
CEE-focused private equity firm Enterprise Investors has sold a 17.3% stake in Polish stem-cell bank Polski Bank Komórek Macierzystych (PBKM) ahead of its IPO on the Warsaw Stock Exchange.
The GP told unquote" the first day of trading is scheduled for 28 April, but bookbuilding was completed on 12 April. In the bookbuilding process, Enterprise Investors placed its share block with retail and financial investors, according to a spokesperson for the GP.
The share sale generated a return of 6.7x money with gross proceeds of €8.7m for the GP, which will face a 12-month lock-up period post-flotation.
Enterprise Investors announced the partial exit ahead of the upcoming Warsaw listing, which will value PBKM at up to PLN 154.3m, or PLN 66.5 per share. Following the IPO, PBKM will have a 49% free float, with the GP reducing its shareholding to 38.1% from 55%.
Between 10% and 15% of the company will be offered to retail investors, while the balance is expected to be placed with institutional investors.
DM Bank and Haitong Bank have been appointed as global coordinators and co-bookrunners.
Previous funding
Enterprise Investors' partial exit comes nearly seven years after it first invested in PBKM, having injected PLN 18.1m in November 2009 through its Enterprise Venture Fund I.
Company
Headquartered in Warsaw, PBKM is a Polish stem-cell and cord-blood bank.
It was founded in 2002 and operates across the EU and Turkey, generating EBITDA of €6.4m in 2015 from revenues of €24.5m, with a net profit of €4.2m.
People
Enterprise Investors – Rafał Bator (partner).
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