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. Our view: 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.