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INTER RAO Lietuva UAB to Debut on Warsaw Stock Exchange - Dow Jones Newswires

Tuesday, 27 Nov 2012 05:30am EST 

Dow Jones Newswires reported that Baltic power company Inter Rao Lietuva UAB said on November 27, 2012 it is planning an Initial Public Offering (IPO) on the Warsaw Stock Exchange December 18, 2012, as an existing financial investor plans to sell a 20% stake in the Company. The offer is worth up to EUR 26.2 million (USD 33.9 million). Lithuanian investment fund Scaent Baltic, which owns a 49% stake in INTER RAO Lietuva UAB, is selling 4 million shares in the offering. The other 51% is owned by Rao Nordic OY, a Finnish subsidiary of Russian power utility Inter Rao UES. The maximum price for retail investors has been set at PLN 26.92 or EUR 6.55 per share. After the IPO, RAO Nordic will retain its 51% stake, while Scaent's share will drop to 29%, the Company said. Mr. Jonas Garbaravicius, a member of INTER RAO Lietuva UAB's Supervisory Board, said in the news release, that the Company’s strategy is to start trading on the Warsaw power exchange, and then in the longer term, importing power to Poland and selling it to end users. 

Company Quote

-0.24 -0.72%
22 Jul 2014