IPO bookrunners value Poland's Energa at up to $3.2 bln

Reuters

WARSAW, Nov 5 (Reuters) - Bookrunners sounding out potential

investors in Polish power producer Energa say an upcoming IPO

could value the company at between 6.4 billion and 10 billion

zlotys ($2.1-3.2 billion), market sources told Reuters on

Tuesday.

Poland's treasury ministry, which oversees the country's

power firms, plans to sell a 34.2-percent stake in Energa on the

Warsaw bourse before the end of the year and will draw on the

views of bookrunners regarding investor appetite when deciding

the price.

Reuters obtained six out of 11 bookrunner estimated

valuations for Energa, which suggested the initial public

offering (IPO), the country's biggest flotation this year, could

raise 2.2-3.4 billion zlotys.

JPMorgan and UBS are serving as joint

global coordinators and joint bookrunners for the offer.

Poland's DM PKO BP is the offering agent, while

Banco Espirito Santo, BofA Merrill Lynch,

Citigroup, and UniCredit were selected as

joint bookrunners.

Alior Bank Brokerage House, DM BOS, DI BRE and Ipopema

Securities are acting as Other Managers.

The IPO of Energa, the last remaining state-owned utility,

is part of a privatisation programme aimed at raising 5 billion

zlotys for the state this year.

It will follow a successful 1.4-billion-zloty share offer

last month by PKP Cargo, Europe's second biggest rail

freight company.

The following table summarises the bookrunner valuations for

Energa obtained by Reuters (figures in billions of zlotys unless

stated):

BANK VALUE RANGE

Espirito Santo 7.0-9.5

Ipopema 6.5-9.5

J.P. Morgan 7.8-8.8

DM PKO BP 7.6-9.5

Unicredit 6.4-9.2

UBS 6.8-10.0

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