Polish cellco P4, which provides services under the name Play, has completed the allocation of shares in its initial public offering (IPO). The retail sector was three-times oversubscribed and took 5.98 million shares, while institutional investors accounted for 115.44 million shares, including an over-allotment option. Employees were allocated 157,367 shares. Shares were priced towards the lower end of the expected range – at PLN36 (USD9.89) each – valuing the IPO at around PLN4.4 billion. P4 shares are due to begin trading on 27 July.