WARSAW, April 24 The owners of Poland's mobile
operator P4, which operates under the Play brand name, are
considering an initial public offering (IPO) after they called
off an auction to sell the business in 2016.
"After 10 years of developing Play into a leading Polish
mobile operator, the shareholders and management of Play are
reviewing the best options to set the company up for its next
stage of growth," said in a statement on Friday.
"A possible option could take the form of an initial public
offering," it said.
The Play business is owned by Greek fund Tollerton and its
Icelandic fund Novator, which had planned to sell the business
last year, but called off the auction after private equity
offers failed to meet expectations.
Play has 14.4 million subscribers and mainly competes
against the Polish mobile network operating arms of Deutsche
Telekom and France's Orange.
The Polish bourse has started to attract more investors
after years of stagnation and few new entrants.
Last week saw the debut of Polish retail chain Dino, with an
initial public offering worth 1.65 billion zlotys, the biggest
An IPO of Play could be even bigger, with the company being
valuated by local media at around 16 billion zlotys ($4.08
Play had core earnings 2.03 billion zlotys on 2016 revenue
up 12.5 percent to 6.12 billion, according to the daily Puls
Tollerton and Novator have had full control of Play since
2008. Tollerton is controlled by Greek businessman Panos
Germanos while Novator is held by Icelandic businessman Thor
($1 = 3.9219 zlotys)
(Reporting by Agnieszka Barteczko; editing by Jason Neely)