Pepco's Warsaw IPO likely to be priced at 40 zloty per share, say bookrunners

WARSAW (Reuters) - The market debut of discount retailer Pepco is likely to be priced at least at 40 zlotys ($10.68) per share, bookrunners said on Wednesday, meaning shareholders may sell stock worth around 3.7 billion zlotys in what may be Poland’s biggest IPO of 2021.

While the expected pricing is towards the lower end of the 38 zloty to 46 zloty-per-share indicative price range, the fact that South African conglomerate Steinhoff chose Warsaw over London to list Pepco came as a boost to the Polish stock exchange.

The Polish bourse was passed over by parcel delivery company InPost, which chose to list in Amsterdam in January.

Bookrunners said that the final offer size meant that 18% of the company, or 92,446,602 shares would be sold.

Books close at 1100 GMT on Thursday, and have been oversubscribed on the maximum deal size, the bookrunners said.

Pepco trades from more than 3,200 stores across 16 countries.

($1 = 3.7419 zlotys)

($1 = 3.7443 zlotys)

Reporting by Alan Charlish, editing by Louise Heavens