Poland slashes BGZ deal to ensure listing

International investors largely shunned the Warsaw IPO of Bank Gospordarki Zywnosciowej even after a cut-size deal was priced at a 10% discount to the bottom of the original range. But with the final book oversubscribed — and the retail tranche multiple times at a price 50% more than the eventual offer — the Polish government should at least be able to point to a successful deal.