UPDATE 2-Alior Bank owners to cut stake in IPO, exit in 2013

Wed Nov 21, 2012 6:17am EST

* Alior offers new investors up to 66 pct stake in IPO

* Plans to book PLN 700 mln from new share issue

* Parent company to cut stake to 34 pct in IPO

* Owner says EBRD planning to acquire stake

By Marcin Goclowski

WARSAW, Nov 21 (Reuters) - The owner of Alior Bank aims to list two thirds of Poland's fastest-growing lender on the Warsaw stock exchange next month, the country's biggest share sale this year, and plans to exit the company in 2013.

The bank expects to raise 700 million Polish zlotys ($217 million) by issuing up to 25 million new shares in the IPO, according to the issue prospectus issued on Wednesday.

The sale could draw keen interest from investors because Poland is Europe's only economy to have avoided recession since the global financial crisis began four years ago and its banking sector has been largely unaffected by bad loans.

Since most major Polish banks are already listed, investors rarely have an opportunity to acquire a major stake. Seventy percent of the Polish banking sector is owned by foreigners, including Santander and Citigroup.

Alior's owner, Italian-based Carlo Tassara group, an investment vehicle of French businessman Roman Zaleski, has also put its 26 million existing shares up for sale, raising the possible free float to 66 percent - the largest among Warsaw-listed banks.

Carlo Tassara said on Wednesday it would seek a strategic investor after the IPO to buy out its remaining stake in the bank, which has a 2 percent share of the Polish market.

The owner had been seeking a strategic investor to buy the company outright but was unsuccessful and opted instead for a public offering.

Alior said the European Bank for Reconstruction and Development was planning to spend 320 million zlotys ($99 million) for a 5-10 percent stake via the IPO.

"After the IPO, Carlo Tassara plans to have at least 34 percent in the bank's capital," Alior said in a statement. "Next, it will start to look for a strategic investor that would buy its remaining stake in Alior by the end of 2013."

LISTING SET FOR DECEMBER

Alior was launched in 2008, just as the global debt crisis erupted, but has built Poland's third-largest branch network. It is already a well-known brand, helped by quirky advertising featuring bankers in bowler hats.

The maximum price for individual investors, who are to be offered 5 percent of the stock on offer in the IPO, was set at 71 zlotys per share. They will be able to subscribe between Nov. 22 and Dec. 3.

Institutional investors will place bids between Dec. 5 and Dec. 7. The bank did not give the issue price for institutions.

Alior, which plans to debut in Warsaw on Dec. 14, wants to use its share of the funds raised in the issue to strengthen its capital position and continue expanding. It said it was not planning dividend pay-outs from 2012 or 2013 profits.

The lender saw its net profit grow 57 percent in the first nine months of the year to 223 million zlotys. It said it plans to double its market share.

Barclays Bank, J.P. Morgan Securities and Morgan Stanley & Co. International are the listing's joint global coordinators and bookrunners.

Ipopema Securities is acting as joint global coordinator, bookrunner and offering agent, while Erste Group Bank AG and Renaissance Capital Limited are acting as co-lead managers.