The IPO was also the largest in Poland’s history.
Warsaw partner Ireneusz Matusielanski led on the deal, assisted by local partner Rafal Sienski and London partner Carlo Kostka.
Weil Gotshal & Manges, led by Warsaw corporate partner Anna Frankowska, represented Goldman Sachs International and UniCredit, which acted as joint global coordinators, bookrunners and lead managers.
Debuting on the Warsaw Stock Exchange, PGE’s market capitalisation reached Zl40bn, with each share selling for Zl23. Only 15 per cent of the company’s shares were floated in the offering, with the State Treasury keeping the rest.
“[The success of the IPO] isn’t a surprise,” said Lejb Fogelman, senior partner at Dewey’s Warsaw office. “There’s a very significant hunger for investment in this country. In Poland we have pension funds with huge amounts of money that are growing leaps and bounds and by law can only invest 5 per cent abroad.
“I’m not an analyst, but this looks like the beginning of the rise of energy companies in Poland. A developing country needs energy, but energy isn’t building up fast enough to meet the country’s demands, so we’ll probably have a deficit in a few years time and the asset value of energy will go up.”
Fogelman has had a relationship with PGE for around 18 years, representing the company at its inchoate stages when he was at Hunton & Williams, which later merged with Dewey & LeBoeuf legacy firm Dewey Ballantine.
Dewey has a track record of acting for energy companies in Poland. Last year it acted on the flotation of Poland’s second-largest utility company Enea, and on German company RWE’s attempted acquisition of a stake in Enea.