Poland’s second largest mobile operator by subscribers, P4, which trades under the name ‘Play’, has confirmed an initial public offering (IPO) which is set to be the largest in Europe since 2012. The Financial Times reports that the share sale on the Warsaw Stock Exchange will carry a company valuation of more than EUR3.5 billion (USD3.9 billion) including debt. The cellco is expected to raise up to EUR700 million through the float, with the proceeds used to reduce debt and pay off high-yielding bonds. CommsUpdate reported earlier this month that an IPO was expected to take place in the second half of July.
According to TeleGeography’s GlobalComms Database, Play is owned by Cyprus-registered Tollerton Investments, which is controlled by Greek businessman Panos Germanos via Olympia Developments, and by UK-based Novator Partners, an investment firm established by Icelandic entrepreneur Thor Bjorgolfsson.