PKP Cargo share prices went down the most since its Warsaw bourse debut in October, on news that the Polish state railway (PKP) is selling part of its controlling stake. PKP is offering 7,627,650 shares, representing 17 % stake in the Warsaw-based unit to institutional investors.
The shares fell as much as 6.3 percent to 74.75 zloty and traded 2.4 percent lower at 77.85 zloty as of 10:11 a.m. in Warsaw, valuing the stock at 3.49 billion zloty ($1.1 billion). The benchmark WIG30 Index rose 0.9 percent.
Local analysts believe the offer should still sell, though “surprisingly big”. “The accelerated bookbuilding was expected by the market and I believe that many investors, including foreign ones, were waiting for it in order to buy more PKP Cargo shares”, RCB analyst Bartlomiej Kubicki told PAP.
The company appointed Morgan Stanley, PKO BP and Societe Generale as global coordinators and joint book-runners, was mentioned in regulatory filing late yesterday.