GDANSKWARSAW, Oct 1 Reuters Polish convenience store group Zabka plans to raise up to 6.45 billion zlotys 1.67 billion for selling shareholders in its initial public offering IPO this month, potentially the biggest IPO in Warsaw since 2020.

The company said on Tuesday it aimed to sell shares at between 20.0 and 21.5 zlotys each.

The sale could be a boost for the Warsaw market, which has lacked big IPOs in recent years. At the top of the range, Zabka39;s IPO would be Warsaw39;s biggest since online marketplace Allegro39;s IPO raised 9.2 billion zlotys in 2020.

Zabka said in its prospectus that an IPO would benefit the Group by giving the Company access to the Polish and international capital markets in the event any future capital needs arise, including, in particular, in connection with funding any potential MA transactions.

In the IPO, the Polish company39;s shareholders plan to offer up to 300 million shares, which are expected to start trading on Warsaw bourse on or around Oct. 17, following final pricing on Oct. 10.

Zabka said it did not intend to recommend paying dividends in the medium term as it believes the investment of the earnings will generate tangible benefits for the shareholders of the company.

1 3.8674 zlotys

Reporting by Rafal Wojciech Nowak and Anna Koper; Additional reporting by Mateusz Rabiega, Anna Banacka, Adrianna Ebert; Writing by Mateusz Rabiega and Anna Koper; Editing by Louise Heavens and Mark Potter

Source Reuters