Bloomberg reported that Poland will raise PLN 5.37 billion in the initial public offering of Jastrzebska Spolka Weglowa SA, the European Union largest coking coal producer after pricing the shares above the middle of the marketed range.

Poland plans to sell 39.5 million shares or a 33% stake for PLN 136 apiece. JSW, as the company is known, originally offered the stock at PLN 114 to PLN 146 each.

The IPO, part of a government plan to gain cash for financing the budget deficit and curbing debt is the country largest this year. The sale will allow the Treasury Ministry to reach 77% of the PLN 15 billion it aims to get from asset sales this year.

Goldman Sachs Group Inc, JPMorgan Chase & Co, Citigroup Inc and UniCredit SpA were joint global coordinators and joint bookrunners for the sale. PKO Bank Polski SA, Ipopema Securities SA, Societe Generale SA, BRE Bank SA and Wood & Co also helped to manage the IPO.

(Sourced from Bloomberg)