WARSAW, Oct 3 (Reuters) - Polish mid-sized lender Idea Bank plans the largest stock market flotation in Warsaw so far this year, aiming to raise some $300 million to boost its lending capacity, a market source told Reuters on Friday.
Idea, controlled by Poland’s third-richest man Leszek Czarnecki, is Poland’s no. 24 bank by assets, and specialises in financing small and mid-sized companies.
Its plan to list its shares comes despite a mixed picture for flotations in Poland, with several candidates having had to cancel or scale back equity sales, partly because of pension fund reforms which removed government bonds into a state vehicle, effectively making the funds overweight in stocks and reluctant to buy any more.
A source with knowledge of the matter said the company had already begun early-stage talks with investors who might be interested in buying its shares in an initial public offering (IPO).
“The lender has already run premarketing,” it said. “The plan is for Idea to debut in Warsaw this year with the IPO’s value seen at around 1 billion zlotys ($302 million).”
A second source said a flotation was planned but did not know any details of possible pricing.
A spokesman for Getin Holding, Czarnecki’s financial group, declined comment on what he described as market speculation.
Idea achieved a net profit of more than 63 million zlotys last year. Earlier this year it added VB Leasing Poland, one of the top ten Polish leasing companies, which made 25.8 million euros ($33 million) before tax in 2013, as part of a wider deal by Getin Holding to buy two units of VB-Leasing International. (1 US dollar = 3.3122 Polish zloty) (1 US dollar = 0.7931 euro) (Editing by Christian Lowe and David Holmes)