Poland To Sell 12% BGZ Stake

Poland has reduced the size of the initial public offering of lender, BGZ, by two-thirds.

Poland has reduced the size of the initial public offering (IPO) of lender, BGZ, by two-thirds, Reuters reports. The government, which planned to float its entire 37% of BGZ, will sell only 12% of the lender.

Poland was seeking to sell the 37% stake for as much as $33 per share, which would have valued the listing at $521 million. The ministry is looking for buyers of BGZ, controlled by Dutch lender, Rabobank.

Click here for the story from Reuters.