Slovak Telekom has set its initial public offering price range at €17.7 to €23.6 per-share, valuing the company at between €1.5 billion and €2.0 billion.
The Slovakian government announced plans to sell off its 49% stake in Slovak Telekom on the Bratislava and London stock exchanges earlier this month.
The company has now revealed that the government will offer up to 42.3 million shares, representing an offering size of approximately €750 million to €1.0 billion.
Deutsche Telekom, the majority shareholder in Slovak Telekom, will not offer any shares in the offering and has stated its intention to retain its 51% stake in Slovak Telekom.
Up to 10% of the offering is expected to be allocated to retail investors in the Slovak Republic and the Czech Republic.
“We look forward to meeting prospective investors over the coming weeks to share our plans to leverage our network advantage in the Slovak telecoms market to capitalise on the growth potential we see in high speed broadband, pay TV, ICT and mobile data by bundling and cross-selling premium services and content to our large subscriber base,” said Miroslav Majoroš, CEO of Slovak Telekom.
The offer period is due to commence on April 22 and is scheduled to close at the close of business on May 5. Pricing and allocations are due to be announced on May 7.