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.