Diagnostyka, Poland’s largest medical diagnostics provider, set a maximum share price of PLN105 (€24.7) for its initial public offering (IPO), targeting proceeds of up to PLN1.7bn, the company said on January 22. 

The offering will consist of just over 16.1mn existing shares owned by LX Beta, a subsidiary of MidEuropa III Management Limited, a management fund.

The sale represents LX Beta’s entire 47.83% stake in Diagnostyka. Founders and senior management, who control the remaining shares, will not participate in the offering. After the IPO, the founders will retain 47.19% of shares and control 64.12% of voting rights, as their shares will maintain dual-voting rights while all others convert to common stock.

The offering is open to retail and institutional investors in Poland, with select institutional investors abroad, including qualified US buyers.

Subscriptions for individual investors will be accepted from January 22 to January 30, while institutional investors can submit bids until February 4. 

Shares are expected to debut on the Warsaw Stock Exchange (WSE) on February 7, subject to regulatory and market conditions. 

Diagnostyka operates a nationwide network of over 1,100 blood collection points, 156 labs, and 19 imaging units, offering more than 4,000 types of tests annually to over 20mn patients. The company’s valuation is expected to reach PLN3.5bn-4bn.

Citigroup Global Markets will act as the stabilisation manager, authorised to purchase up to 15% of shares sold in the IPO to manage price volatility. Santander Bank Polska, Jefferies, Citigroup, and Bank Handlowy are among the lead coordinators and bookrunners.

The IPO is seen as a major addition to the Polish equity market, following last year’s PLN6.45bn listing of convenience chain Zabka.