Alior Bank has set IPO price at PLN 57, final number of shares to be sold in the offer was set at 36.2m including 12.3m new shares.
The price set was speculated as a minimum price expected in the IPO. This price values Alior Bank at 1.68x P/BV, at a 4% premium to Polish banks which trade at the average 2012F P/BV of 1.59x. Subscription for retail investors ended on Monday. Subscription in the institutional tranche will last from December 5 to 7. Alior Bank wants to debut on the WSE on December 14. We expect the news to have a neutral trading impact.