Polish energy giant sets IPO

Updated 03:37 PM, Oct-12-2009 ET
Polska Grupa Energetyczna SA, Poland's No.1 energy company, plans to launch the biggest European initial public offering so far this year on Tuesday, Oct. 13, when it seeks to sell a 15% stake for 5 billion zloty ($1.7 billion). The state-owned company, also known as PGE, said it will need about 38.9 billion zloty by the end of 2012 to fund expansion plans. PGE said it will sell 259.5 million shares at 17.5 sloty to 23 zloty. The IPO is being managed by Goldman Sachs Group Inc. and Unicredit SpA. The government will sell another 10% stake in PGE in 2010, the company said in its IPO prospectus. n — — Paul Whitfield