Prague stock exchange gears up for major IPO

Investing.com -- The Prague Stock Exchange is readying itself for its first significant initial public offering (IPO) in over four years. This comes after Doosan Skoda Power, a steam-turbine manufacturer, revealed its intention to offer a minority stake to the public.

Doosan Skoda Power, a Czech subsidiary of South Korea's Doosan Enerbility Co., is seeking investors as the central European nation transitions away from coal and is set to revamp its energy infrastructure. The country's new energy plans include nuclear, gas-fired, wind, and solar power stations. The company intends to use the funds raised from the IPO to enhance its competitiveness by investing in new machinery and facilities.

According to a statement released on Wednesday, investors will have the opportunity to purchase up to 33.33% of Doosan’s Czech unit. The offering will comprise approximately 21.5% to 26.5% of existing shares held by the parent company and about 5% to 10% of ordinary shares to be issued by Doosan Skoda.

Doosan Skoda Power's Chief Executive Officer, Youngki Lim, expressed his pride in the upcoming IPO. He said in the statement, “It is an honor for us to be introduced to the Czech capital market and to link our future even more closely to the development of the energy sector and the entire economy of the CEE region.”

If the IPO goes through successfully, it will mark the first listing on the Czech Republic’s main stock market since the 2020 offering of gunmaker Ceska Zbrojovka, now known as Colt CZ Group SE.

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Source: Investing.com