GDANSK (Reuters) – Polish medical diagnostics company Diagnostyka has set a maximum price for shares offered in its initial public offering (IPO) at 105 zlotys, valuing the offering at up to 1.7 billion zlotys ($416.1 million), it said in a prospectus late on Tuesday.
At a maximum price, Diagnostyka is valued at up to 3.54 billion zlotys.
A bookrunner said the price range for the offering was between 95 zlotys and 105 zlotys.
Its shareholder LX Beta S.à r.l., backed by private equity fund Mid Europa Partners, will offer around 16 million shares, or a 47.83% stake in the company.
Diagnostyka, which performs blood, microbiological and genetic tests as well as diagnostic imaging, will not get any money from the IPO.
The offering will test the waters for deals in Warsaw after Zabka’s 6.45 billion zloty share sale in October, the largest IPO in Poland since that of e-commerce platform Allegro in 2020.
Zabka’s shares are up 23% so far this year, after trading mostly below its 21.5 zloty IPO price in the months since the debut.
The final price for Diagnostyka’s offer is expected to be announced on or around Jan. 30, while the shares are set to make their stock market debut on Feb. 7.
Diagnostyka, founded in 1998, has said it is a market leader in Poland’s medical diagnostics industry with more than 1,100 blood collection points, 156 laboratories and 19 imaging facilities.
The group competes in laboratory testing with Synevo, owned by Sweden’s Medicover and Grupa Alab, and in diagnostic imaging with Voxel and insurer PZU.
It reported revenue of 1.6 billion zlotys and a recurring core profit (EBITDA) of 383 million zlotys in 2023.
It said in the prospectus that the management intends to recommend a dividend of 50% of net profit, with possibility to hike that in years of “exceptionally good” financial results.
($1 = 4.0857 zlotys)
(Reporting by Adrianna Ebert and Anna Pruchnicka; Editing by Milla Nissi)
