Diagnostyka's Successful PLN 1.7 Billion IPO on Warsaw Stock Exchange
Deal News | Feb 10, 2025 | CEE Legal Matters
Diagnostyka, a leading Polish provider of laboratory testing and diagnostics services, has successfully completed an initial public offering (IPO) on the Warsaw Stock Exchange. The IPO raised approximately PLN 1.7 billion and resulted in a market capitalization of over PLN 3.5 billion for the company. Legal advisement was provided by Greenberg Traurig, White & Case, and Baker McKenzie. The IPO involved the sale of existing shares by LX Beta, under the control of MidEuropa III Management Limited, making up 47.83% of Diagnostyka's share capital. Diagnostyka, with a 27-year track record and extensive Poland-wide operations, services 20 million patients annually.
Sectors
- Healthcare
- Financial Services
- Legal Services
Geography
- Poland – The IPO took place on the Warsaw Stock Exchange, and Diagnostyka operates across Poland.
- Central Europe – MidEuropa, a central player involved in the IPO, is a private equity firm focusing on this geography.
Industry
- Healthcare – Diagnostyka operates in the healthcare sector, providing laboratory and diagnostic services across Poland.
- Financial Services – The IPO involved financial services entities as underwriters and joint bookrunners, facilitating the public offering process.
- Legal Services – Leading law firms were involved in advising Diagnostyka, its shareholders, and underwriters on the IPO.
Financials
- PLN 1.7 billion – The amount raised through Diagnostic's IPO.
- PLN 3.5 billion – The implied market capitalization of Diagnostyka post-IPO.
- PLN 105 – The maximum share price at which the IPO shares were sold.
- 16,147,124 shares – The number of shares offered during the IPO, representing 47.83% of Diagnostyka's share capital.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Diagnostyka | Target Company | Company | A leading provider of laboratory and diagnostic services in Poland. |
| MidEuropa III Management Limited | Selling Company | Company | The majority shareholder of Diagnostyka, involved in selling existing shares during the IPO. |
| Greenberg Traurig | Legal Advisor | Company | Provided legal counsel to Diagnostyka for the IPO. |
| White & Case | Legal Advisor | Company | Advised the underwriters on the IPO. |
| Baker McKenzie | Legal Advisor | Company | Advised MidEuropa, Diagnostyka's majority shareholder, on the IPO. |
| Citigroup Global Markets Limited | Joint Global Coordinator and Bookrunner | Company | Facilitated the IPO as a joint global coordinator and bookrunner. |
| LX Beta | Entity Controlling Shares | Company | Controlled by MidEuropa III Management Limited, responsible for selling existing shares. |