Bloomberg News

Poland to Raise $1.92 Billion in JSW Coal Group IPO

June 29, 2011

June 28 (Bloomberg) -- Poland will raise 5.37 billion zloty ($1.92 billion) in the initial public offering of Jastrzebska Spolka Weglowa SA, the European Union’s largest coking coal producer, after pricing the shares above the middle of the marketed range.

Poland plans to sell 39.5 million shares, or a 33 percent stake, for 136 zloty apiece, according to a statement on the company’s website. JSW, as the company is known, originally offered the stock at 114 zloty to 146 zloty each.

The IPO, part of a government plan to gain cash for financing the budget deficit and curbing debt, is the country’s largest this year. The sale will allow the Treasury Ministry to reach 77 percent of the 15 billion zloty it aims to get from asset sales this year.

Goldman Sachs Group Inc., JPMorgan Chase & Co., Citigroup Inc. and UniCredit SpA were joint global coordinators and joint bookrunners for the sale. PKO Bank Polski SA, Ipopema Securities SA, Societe Generale SA, BRE Bank SA and Wood & Co. also helped to manage the IPO.

--Editors: Elizabeth Wollman, Niamh Ring

To contact the reporters on this story: Maciej Martewicz in Warsaw at mmartewicz@bloomberg.net

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net


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