JSW takes no chances despite safe haven aura
Polish state-owned coking coal miner Jastrzebska Spolka Weglowa set the price range for its Z4.5bn-Z5.7bn ($1.6bn-$2.08bn) IPO on Monday, just days after the country’s treasury completed the sale of a 10% stake in insurer PZU for Z3.1bn ($1.2bn) through an accelerated offer. Deputy treasury minister Krzysztof Walenczak said part of the rationale for squeezing in the PZU deal was to re-establish Poland’s reputation ahead of the high-profile JSW IPO.
This was in response to negative press following the disappointment of Polands previous privatisation, a Z312m IPO of Bank Gospodarki Zywnosciowej, which had to be cut in price and size. It sold a 15% stake at book value, keeping 24% at the end of May.
"With PZU, we wanted
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