Polish State Rail Seeks Up to $518 Million From Cargo IPO - Bloomberg

Polish State Rail Seeks Up to $518 Million From Cargo IPO - Bloomberg:

"Polskie Koleje Panstwowe SA, the Polish state railway, seeks to raise as much as 1.6 billion zloty ($518 million) from the sale of its cargo unit in central Europe’s biggest initial public offering in almost a year.
The railway is selling as many as 21.7 million shares of PKP Cargo SA, the European Union’s largest rail freight company after Deutsche Bahn AG. The maximum IPO price was set at 74 zloty a share and bookbuilding will end on Oct. 22, according to a prospectus published today. Cargo will start trading on the Warsaw Stock Exchange on Oct. 31, becoming the EU’s first listed rail freight company.
“The sale should attract solid demand as the company is a good proxy for an economic revival in Poland and there are no companies of this kind listed on the bourse,” Dawid Czopek, who helps manage the equivalent of $2.1 billion at Warsaw-based BRE Wealth Management SA said by phone today. “PKP Cargo is also a restructuring story with an upside potential.”"

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