Play IPO values the Polish operator at €2 billion

Play Communications, owner of polish mobile brand P4, is on the IPO trail, with a value of roughly €2 billion.

The company sold the maximum number of shares available, just over 121 million (roughly half of all available), including 11 million over-allotment shares, making it the largest IPO in the telco space since June 2015. It is in fact the fifth largest IPO of a Polish company, and the largest ever non-privatisation IPO of a Polish company.

“Poland proves to be a great country to build a business from greenfield to a company servicing millions of customers,” said CEO Jørgen Bang-Jensen. “With Play listing on the WSE we continue our commitment to provide outstanding service for our customers and deliver attractive returns to our investors.”

The company itself was founded in 2007, and has grown from roughly 5% market share to become the second largest player in the market at 27%. Over the course of the last 12 months, the company reported revenues of 6.1bn zloty, which converts to roughly €1.45 billion.

While it certainly is a pat on the shoulder, the team are yet to state what the money will actually be used for. Play is currently sitting on a bit of debt which it accumulated over the last few years of growth, but it can’t lose its ambitious side either. Competing against major players Orange and Deutsche Telekom, as well as Polkomtel’s Plus, will ensure the team will need to continue spending on the network to keep crafty fingers away from its 14 million customers.