Poland's Play reveals plans for country's largest float in six years

Oliver Gill
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Play's owners have also explored plans for a private sale of the business

Poland’s second largest mobile operator today revealed plans to raise 5.2bn zlotys (£1.1bn) in what would be the country’s largest listing since 2011.

Play, owned by Greek fund Tollerton and Icelandic investor Novator, will put almost half of its share capital on the Polish stock market.

With an estimated market cap of 11.2bn zlotys (£2.3bn), Play will jump into Poland’s WIG20 index of the 20 largest firms listed in the country.

Read more: London IPO market set for £30bn boost as companies weigh up flotations

Play Chief Executive Jorgen Bang-Jensen said the float would provide the firm with “a very good platform to raise financing in future if necessary”.

In February, Play’s owners postponed plans for a private sale. It was reported Tollerton and Novator had a difference of opinion over plans for either an outright sale and a partial listing.

Last year, Telefonica-owned O2 planned a multi-billion pound London listing after its sale to rival Three fell through. The firm shelved the plans in September amid concerns over market conditions.

Play's key Polish competitors include the locals arms of Germany's Deutsche Telekom and French firm Orange.

Read more: Fears for London IPO market as Misys and O2 pull 2016 float plans

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