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Mobile phone operator Play attracts $1.4 billion

Play communication, the second largest mobile network operator in Poland, plans to raise up to 5.2 billion zlotys ($1.40 billion) during the initial public offering (IPO) in Warsaw, according to the operator’s statement on Monday. 

The floating would be the largest in Warsaw since 2011, according to Warsaw Stock Exchange data.

The mobile operator, owned by Greek fund Tollerton and Icelandic investor Novator, will sell up to 121,572,621 existing shares, or 48.6% of the total equity, including the overallotment option, as the company, will not issue new shares.

Play said that a maximum price was set at 44 zlotys per share for retail and institutional investors, and authorized employees will have the right to purchase shares of up to 37.4 per PLN.

Play’s representatives said that its implied market capitalization based on the maximum price would be approximately 11.2 billion zlotys.

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