Slovak Telekom on Tuesday priced its upcoming initial public offering (IPO) at between €17.7 and €23.6 per share, valuing the company at up to €2 billion.
The government is selling its 49% stake in the operator in the form of shares listed on the Bratislava Stock Exchange and global depository receipts (GDRs) listed on the London Stock Exchange. Approximately 42.3 million shares are being put on the block, valuing the stake at €750 million-€1 billion. Up to 10% of the shares will be allocated to retail investors in the Slovak Republic and Czech Republic.
The offer price range values Slovak Telekom at €1.5 billion-€2 billion.
Majority owner Deutsche Telekom will not offer any shares and will retain its 51% stake in Slovak Telekom.
"We look forward to meeting prospective investors over the coming weeks to share our plans to leverage our network advantage in the Slovak telecoms market to capitalise on the growth potential we see in high-speed broadband, pay TV, ICT and mobile data by bundling and cross-selling premium services and content to our large subscriber base," said Miroslav Majoroš, CEO of Slovak Telekom, in a statement.
The offer period for institutional investors begins today and is due to close on 6 May. For retail investors, the offer period starts on Wednesday and closes on 5 May.
Pricing and allocations are due to be announced on 7 May.
