June 26, 2014 / 9:16 AM / 3 years ago

Polish fund Altus's IPO price values offer at $58 mln

WARSAW, June 26 (Reuters) - Polish fund Altus TFI has set the final share price for its initial public offering (IPO) on the Warsaw bourse at 9.5 zlotys, valuing the offer at 175 million zlotys ($58 million), it said on Thursday.

The price came in below the top of the IPO’s target range - at 10.5 zlotys - despite the fact the share tranche for institutional investors was three times oversubscribed, Altus said.

Earlier this week, The European Bank for Reconstruction and Development (EBRD) said it planned to invest up to 50 million zlotys to buy around 5 percent of Altus - its first ever investment in an asset management company.

Poles have amassed 860 billion zlotys in savings, with only 16 percent held in investment funds. According to Altus, that share should rise in the face of falling deposit rates in banks, which hold 550 billion in accounts.

Altus oversees assets worth over 5 billion zlotys across 36 funds.

$1 = 3.0381 Polish Zlotys Reporting by Adrian Krajewski; Editing by Mark Potter

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