The owners of Polish operator PLAY will not get as much as they’d hoped from a public listing of the company.

The final pricing has been set at PLN36 per share meaning PLN4.4 billion (€1 billion) will be raised should all the 132.6 million shares get snapped up.

This is less than the PLN44 per share they hoped for in the IPO prospectus, which was published last week and would have meant a PLN5.3 billion (€1.3 billion) windfall.

PLAY said demand for shares outstripped supply.

Poland’s second largest mobile operator announced plans for an IPO last month with CEO Jørgen Bang-Jensen promising to go after new growth areas.

Owners Tollerton Investments and Telco Holdings are looking to monetise 48 percent of the company via the Warsaw stock exchange but will not be reinvesting the proceeds in the business.

Bang-Jensen said: “Poland proves to be a great country to build a business from greenfield to a company servicing millions of customers.

“With Play listing on the WSE we continue our commitment to provide outstanding service for our customers and deliver attractive returns to our investors.”

The company is set to start trading as a public company on 27 July.

Although the IPO will not generate quite as much as the owners hoped, it is the largest ever non-privatisation listing of a Polish company and the largest telco IPO in Europe for two years.

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