Company coal energy placed 25% stake on the warsaw stock exchange
2011-07-18 17:30:41
Company Coal Energy, one of the largest private manufacturers of thermal and coking coal in Ukraine, has placed 25% of the shares on the Warsaw Stock Exchange. During IPO the company raised 225M PNL (equivalent to $ 79.2 million).
Dzhaspen Capital Partners was the financial advisor of the 25% stake IPO on the Warsaw Stock Exchange. The company set its IPO at the price of 20 PLN per share, which corresponds to the company's capitalization of $ 900M PLN (equivalent to 317M USD). The offering volume was set at 225M PNL (equivalent to 79.2M USD).
Capital raised from the placement will be used to the increase coal production and coal reserves. Andrew Supranonok, CEO of Capital Partners Dzhaspen, stated that the competition for funds of institutional investors was high, since along with the Coal Energy two Ukrainian companies were planning to enter the market (Vioil and Valars Group).
However, other two companies faced insufficient interest from investors and delayed their placement, explaining such decision to deteriorating market conditions and low activity of investors.