Pegas Nonwovens closed IPO book building yesterday and pricing is expected today. The pricing range was EUR 21.5-27.0/share and stocks starts conditional trading on PSE on Monday 18 December and trading on WSE starts on 21 December.
Our view:
Although the Reuters informed that according to unofficial source IPO was oversubscribed on the upper limit of the range, we would wait for official price. From our point price in the middle of the range would be more reasonable based on multiple valuation and business risk Pegas is facing.