Poland's ZAK may reduce scale of its IPO - govt
02 October 2008 13:44 [Source: ICIS news]
PRAGUE (ICIS news)--The initial public offering (IPO) in Poland's fertiliser firm Zaklady Azotowe Kedzierzyn (ZAK) may be scaled down on adverse stock market conditions, Nafta Polska (NP),the government agency for the restructuring of the oil and chemical industries, said on Thursday.
State-owned ZAK is working toward an IPO of 20.3m shares (43% of its equity) in a bid to raise around zloty (Zl) 500m ($207m, €147m).
However, NP president Marek Karabula said consideration was being given to reducing this amount when the offering is made, probably late this year or early in 2009.
ZAK envisages a proportion of the IPO proceeds being channeled into a special purpose vehicle (SPV) that it hopes to form on 9 October with Ciech and Zaklady Azotowe Tarnow (ZAT) to bid for Anwil, the polyvinyl chloride (PVC) and nitrogen fertiliser subsidiary of Polish state giant PKN Orlen.
Ciech is the largest Polish chemical company while ZAT produces nitrogen fertilizers, caprolactam and polymers.
Anwil's book value is approximately Zl1.8bn and analysts expect that the SPV partners will finance 10-20% of the acquisition from their own cash and raise debt for the remainder.
They also expect Ciech to take a 45% stake in the SPV.
The treasury wants to sell stakes in Ciech, ZAK and ZAT to a strategic foreign investor by the end of the third quarter of 2009.
In June, difficult stock market conditions meant ZAT's IPO was weakly received.
($1 = Zl2.42/€1 = Zl3.39)
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By: Will Conroy
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