Polish mobile network operator P4, which trades under the ‘Play’ brand, is set to launch an initial public offering (IPO) on the Warsaw Stock Exchange this summer. A report from Rzeczpospolita cites unnamed sources as saying that the share sale will take place in the second half of July, and will be valued at up to PLN2.5 billion (USD670 million). The funds will be used to help repay debt and fund network investment.
P4 is the second largest cellco in Poland, with more than 28% of all subscribers, according to TeleGeography’s GlobalComms Database. The operator is currently 50.3%-owned by Cyprus-registered Tollerton Investments, which is controlled by Greek businessman Panos Germanos via Olympia Developments, and 49.7% by UK-based Novator Partners, an investment firm established by Icelandic entrepreneur Thor Bjorgolfsson. The owners had previously offered P4 for sale but decided on an IPO after receiving no offers which met their valuation.