Privatisation of PKO BP
CSFB acted a sole global co-ordinator
The $2.3bn privatisation of PKO BP, the largest bank in Poland, was completed in November and was the largest equity offering ever in emerging Europe. It was also the second largest European IPO to date behind the listing of Belgacom.
The IPO was priced at the top end of the range at 20.5 zlotys per share, resulting in an attractive valuation for the State Treasury of Poland, which retains a 51% stake. The price represented 12.5 times earnings, compared with 12.9 for the average of central and eastern European banks and 13.9 for Pekao, PKO BP’s closest peer.
In addition to vigorous demand from Polish institutions and retail investors, 249 international institutional orders were lodged – a 90% hit rate of investors that were met at road shows.
