Deal update: Deutsche delivers 1% discount in PZU sale

18 Nov 2010

Bookrunner Deutsche Bank priced a Zl4.095bn ($1.419bn) accelerated bookbuild of PZU stock on Thursday morning, achieving a discount of just 1.1% to Wednesday’s close despite the large size of the deal. It represented a 30% increase in the company’s free float and around 45 days’ trading volume.

Deutsche built a fully-covered book in an hour and a half after launch on Wednesday evening, following up with price guidance of Zl3.60-Zl3.65 a share before pricing at the high end at 8.50am on Thursday when orders were worth several times the stock on offer. PZU shares had ...

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