Polish mobile operator Play announces plans for IPO

Monday 19 June 2017 | 16:05 CET | News

Play Communications, the owner of the Polish mobile operator P4 (branded as Play), announced plans for an initial public offering on the Warsaw Stock Exchange.

Play operates the second-largest and fastest-growing mobile network in Poland, with over 14.3 million subscribers as of 31 March. The company has grown its market share from 4.6 percent at the end of 2008 to 27.6 percent in Q1 2017. Its selling shareholder believes that now, after a period of substantial growth, it is an appropriate time to monetise part of its ownership and to support the company through the offering, which will provide Play with enhanced flexibility for its future financing and corporate strategy.

The offering will consist of a portion of the existing ordinary shares of Play Communications (secondary component), a Luxembourg incorporated company, held by Play Holdings 1, a company ultimately owned by Tollerton Investments Limited and Telco Holdings. The offering consists of a public offering to retail investors, authorised employees and institutional investors in Poland and an international offering.

Play intends to apply for listing and admission of all of the company’s ordinary shares, including new shares issued to management in connection with the offering as part of the settlement of the existing incentive scheme, on the main market of the Warsaw Stock Exchange.

Play Holdings 1, the selling shareholder, intends to use its proceeds to redeem the existing 2022 PIK notes of its parent, Impera Holdings. The remaining portion of the secondary component will fund a distribution to its shareholders and provide partial cash settlement of the existing incentive scheme.

Authorised employees will be eligible to subscribe for shares with a 15-percent discount and will be granted a guaranteed allocation (i.e., no proportional reduction) which is expected to be limited up to PLN 25,000 per employee, subject to a one year lock-up, which would require employees to hold or open investment accounts with PKO BP Securities.

J.P. Morgan, BofA Merrill Lynch and UBS Investment Bank are acting as joint global coordinators and joint bookrunners for the offering. Bank Zachodni WBK and Dom Maklerski of PKO Bank Polski are acting as joint bookrunners and offering agents.

The IPO is subject to the receipt of all relevant registrations and regulatory approvals.

Under the current shareholder structure, the company is indirectly owned and controlled by Tollerton Investments Limited and Telco Holdings, which hold 50.3 percent and 49.7 percent of the share capital, respectively.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Categories: Mobile & Wireless
Companies: P4
Countries: Poland
::: add a comment

Add comment

We welcome comments that add value to the discussion. We attempt to block comments that use offensive language or appear to be spam, and our editors frequently review the comments to ensure they are appropriate. If you see a comment that you believe is inappropriate to the discussion, you can bring it to our attention by using the report abuse links. As the comments are written and submitted by visitors of the Telecompaper website, they in no way represent the opinion of Telecompaper.


P4 introduces RLAH offer

Published 15 Jun 2017 14:43 CET | Poland
Polish mobile operator P4, operating under the brand Play, announced that from 15 June, it will provide packages of minutes, SMS ...

P4 adds sports package to Play Now

Published 05 Jun 2017 09:35 CET | Poland
Polish mobile operator P4, trading under the brand Play, has introduced a sports package to its offering Play Now. It is mainly ...

Polish mobile operator P4 to launch IPO this summer - report

Published 01 Jun 2017 17:05 CET | Poland
Polish mobile operator P4, operating under the brand Play, will launch an IPO this summer to list on the Warsaw Stock Exchange, ...

P4 Q1 revenue grows 9.6 percent

Published 23 May 2017 14:06 CET | Poland
Polish mobile operator P4, trading under the brand Play, has published its financial and operating results for the first quarter. ...

P4 introduces fixed-mobile offer with two SIM cards

Published 18 May 2017 17:47 CET | Poland
Polish mobile operator P4, operating under the brand Play, introduces a new offer with two SIM cards - one for fixed and one for ...

P4 reports progress in LTE network extension

Published 20 Apr 2017 11:30 CET | Poland
Polish mobile operator P4, trading under the brand Play, has announced an extension of its LTE network, as well as the carrier ...

Poland has 605,000 mobile numbers ported in Q1

Published 10 Apr 2017 13:16 CET | Poland
Polish mobile customers ported a total of 605,000 numbers in the first quarter, reported Rzeczpospolita, up from 411,000 in the ...

EUR 13.6
Mobile Blended ARPU
Italy  |  2016Q4