WARSAW, July 5 (Reuters) - Polish debt collecting firm GetBack’s IPO-GTB.WA initial public offering was priced at 18.5 zlotys per share, at the bottom of the expected range, the company said.
GetBack said it found buyers for all 40 million shares offered in the IPO, including 20 million new shares and 20 million existing. The offering was expected to be priced within a range of 18.5 zlotys to 27 zlotys.
The final price is lower than 20 zlotys indicated by sources on Tuesday when the bookbuilding ended and values the offering at 740 million zlotys ($198.3 million).
GetBack had decided to price the shares at the bottom of the range to avoid a disappointing debut, two sources close to the matter said, despite signs of demand at a higher level. Fund managers contacted by Reuters on Wednesday said that there had been demand for shares at 20 zlotys each.
“This transaction would have probably been closed (at the price of 20 zlotys), but with a small reduction. And if the reduction is small, there is a risk that the debut would be weak,” one fund manager said.
GetBack declined to comment on the bookbuilding process.
The company plans to debut on the Warsaw Stock Exchange on July 17.
The Warsaw bourse is seeing an inflow of new listings this year, as investors look for profits amid low interest rates and rising economic growth. ($1 = 3.7312 zlotys) (Reporting by Agnieszka Barteczko, Anna Koper, Marcin Goclowski; Editing by Amrutha Gayathri and Louise Heavens)