As expected, Warburg Pincus used the acquisition-created momentum to reduce its stake in Zentiva in two placements of 6.2 and 4.5m shares at CZK 1,040/share and CZK 1,025/share respectively. WP’s stake in Zentiva now stands at 20%. The second placement is associated with a lock-up period for 120 days, which should remove a short-term share overhang risk. Management did not participate in the sale. The first block was sold to the local financial groups J&T and PPF.
Post-1st offering (May) Post 2nd offering Post 3nd offering
Shareholders Shares (m) % Shares (m) % Shares (m) %
Warburg Pincus 18.16 47.60% 11.96 31.4% 7.46 19.6%
Management 4.66 12.20% 4.66 12.2% 4.66 12.2%
Others 0.84 2.20% 0.84 2.2% 0.84 2.2%
Free float 14.48 38.00% 20.68 54.2% 25.18 66.0%
Total 38.14 100% 38.14 100% 38.14 100%