GDANSK (Reuters) – Polish medical diagnostics company Diagnostyka on Friday said it priced its initial public offer at 105 zlotys per share, the top of a previously indicated range, valuing it at 3.54 billion zlotys ($874.27 million).
Diagnostyka said shareholder LX Beta, backed by private equity fund Mid Europa Partners, will offer 16.1 million shares in the IPO, bringing the value of the offering to about 1.70 billion zlotys.
The offering follows that of convenience store Zabka’s 6.45 billion zloty share sale in October, which was the largest IPO in Poland since e-commerce platform Allegro in 2020.
Diagnostyka, which performs blood, microbiological and genetic tests as well as diagnostic imaging, will not receive any proceeds from the IPO.
Founded in 1998, the company describes itself as a market leader in Poland’s medical diagnostics industry, with more than 1,100 blood collection points, 156 laboratories, and 19 imaging facilities.
The group competes in laboratory testing with Synevo, owned by Sweden’s Medicover and Grupa Alab, and in diagnostic imaging with Voxel and insurer PZU.
It reported revenue of 1.6 billion zlotys and a recurring core profit of 383 million zlotys in 2023.
In its prospectus, Diagnostyka said its management intends to recommend a dividend of 50% of net profit, with the possibility of increasing it in years of exceptionally strong financial results.
Diagnostyka’s shares are set to make their stock market debut on Feb. 7.
($1 = 4.0491 zlotys)
(Reporting by Rafal W. Nowak; Editing by Christopher Cushing and Varun H K)
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