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
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
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
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
The following table summarises the bookrunner valuations for
Energa obtained by Reuters (figures in billions of zlotys unless
BANK VALUE RANGE
Espirito Santo 7.0-9.5
J.P. Morgan 7.8-8.8
DM PKO BP 7.6-9.5