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Slovenia's Gorenje fails to cover book in Warsaw IPO:sources
December 12, 2013 / 2:55 PM / in 4 years

Slovenia's Gorenje fails to cover book in Warsaw IPO:sources

WARSAW, Dec 12 (Reuters) - Slovenian household appliance maker Gorenje has failed to line up buyers for all the shares on offer in a planned listing, three sources close to the issue said on Thursday, with Slovenia’s debt crisis helping put off investors.

Gorenje is planning an initial public offering on the Warsaw stock exchange. Book-building was completed on Wednesday. The sources told Reuters buyers had not been found for all the shares in the issue.

“The books have not been fully covered. I‘m not sure if any Polish institutional investor would actually subscribe for the shares. Even if some of them decide to do so, there is a question mark whether it makes sense for the company to list in Warsaw,” one of the sources said.

Gorenje said in a statement sent to Reuters it was “proceeding with the activities for listing on the Warsaw stock exhange by the end of 2013”. The book-runner, Polish brokerage BZ WBK, declined to comment.

The Slovenian company had said it wanted to raise 45 million euros from the Warsaw IPO and a parallel offer in Ljubljana. (Reporting by Pawel Bernat; Editing by Christian Lowe)

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