GDANSK, Oct 17 Reuters Shares in Polish convenience store group Zabka rose as much as 9 following their stock market debut in Warsaw on Thursday.

The company priced its initial public offering at 21.50 zlotys per share, valuing the offer at 6.45 billion zlotys 1.62 billion. By 0902 GMT its shares were up 3.3 at 22.10 zlotys, having earlier risen as high as 23.44 zlotys.

After Thursday39;s opening on the Warsaw Stock Exchange, Zabka Group39;s market capitalisation rose to 23 billion zlotys.

Its IPO is Warsaw39;s biggest since online marketplace Allegro39;s flotation raised 9.2 billion zlotys in 2020.

Private equity fund CVC Capital Partners will remain the company39;s biggest shareholder after the IPO, with around a 40 stake.

Established in 1998, Zabka is one of Poland39;s most recognisable brands with more than 10,500 stores operating under a franchise model.

Its IPO is the fourth largest offering in Europe so far this year, behind those of Spanish beauty group Puig, Swiss skin care group Galderma and Zabka39;s main shareholder CVC Capital Partners.

1 3.9656 zlotys

Reporting by Adrianna Ebert and Anna Banacka; Additional reporting by Tymon Miller; Editing by Tomasz Janowski and Jan Harvey

Source Reuters