Diagnostyka's PLN 1.7 Billion IPO is a Triumph on Warsaw Stock Exchange
Deal News | Feb 07, 2025 | White & Case
Global law firm White & Case LLP advised underwriters in the PLN 1.7 billion IPO of Diagnostyka S.A., marking a significant exit for private equity firm MidEuropa. The IPO, listed on the Warsaw Stock Exchange, involved the sale of existing shares at a maximum price and attracted strong international interest. Key underwriters included Citigroup, Jefferies, and Santander. White & Case’s legal team was led by partners based in Warsaw and London. Diagnostyka, Poland's largest medical lab network, aims to leverage its market presence with the proceeds.
Sectors
- Healthcare
- Finance
- Private Equity
Geography
- Poland – Diagnostyka is based in Poland and the IPO occurred on the Warsaw Stock Exchange.
- Central Europe – MidEuropa, the controlling shareholder, is a leading private equity investor in Central Europe.
Industry
- Healthcare – Diagnostyka is Poland's largest network of medical laboratories providing comprehensive diagnostic services.
- Finance – The article involves financial transactions related to an IPO on the Warsaw Stock Exchange.
- Private Equity – The sale represents a private equity exit by MidEuropa, a leading private equity investor in Central Europe.
Financials
- PLN 1.7 billion – The total value of the IPO for Diagnostyka.
- PLN 105 – The maximum share price during the IPO.
- 16,147,124 – The number of shares offered in the IPO.
- 47.83% – Percentage of Diagnostyka's share capital represented by the offered shares.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Diagnostyka S.A. | Target company | Company | Poland's largest network of medical laboratories. |
| White & Case LLP | Legal Advisor | Company | Global law firm advising the underwriters on the IPO. |
| MidEuropa III Management Limited | Seller | Company | Entity controlled by Diagnostyka's majority shareholder, MidEuropa. |
| Citigroup Global Markets Limited | Joint Global Coordinator and Joint Bookrunner | Company | Acted in the capacity of joint global coordinator and bookrunner for the IPO. |
| Jefferies GmbH | Joint Bookrunner | Company | Provided services as a joint bookrunner for the IPO. |
| Santander Bank Polska S.A. | Joint Bookrunner | Company | Acted as a joint bookrunner and global coordinator. |
| Banco Santander, S.A. | Joint Global Coordinator and Joint Bookrunner | Company | Participated as joint global coordinator and bookrunner. |
| Marcin Studniarek | Partner, Warsaw | Person | Part of White & Case legal team for the IPO. |
| Rafa Kamiski | Partner, Warsaw | Person | Part of White & Case legal team for the IPO. |