(Bloomberg) -- The initial public offering of Europe’s largest chain of convenience stores, Zabka Group SA, is likely to price at the top of a proposed range amid ample demand.
Private equity fund CVC Capital Partners Plc and other Zabka owners are poised to set the IPO price for institutional investors at 21.5 zloty per share, with books being multiple times oversubscribed at this level, according to the terms seen by Bloomberg.
The price range was set at 20 zloty to 21.5 zloty. Shareholders in the 7-Eleven-styled chain, including Partners Group Holding AG, are selling 300 million shares, or a 30% stake. That would give Zabka an implied market value of 21.5 billion zloty ($5.5 billion).
Zabka is set to become the East European nation’s largest IPO since e-commerce marketplace Allegro.eu SA’s record $2.8 billion offering in 2020, topping the $1.1 billion raised by discount retailer Pepco Group NV in 2021.
Goldman Sachs Group Inc. and JPMorgan Chase & Co. are global coordinators of the share sale. Zabka is due to start trading in Warsaw on Oct. 17.
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