Dec. 18 (Bloomberg) -- Inter RAO Lietuva AB, a Baltic unit of Russia’s state-controlled utility OAO Inter RAO UES, jumped on its first day of trading in Warsaw, becoming the third Lithuanian company listed on the Polish equity market.
The stock rose 6.5 percent to 25.75 zloty at the close in Warsaw, valuing the Vilnius-based company at 515 million zloty ($167 million). The company this month sold 23.4 million euros ($31 million) of shares in an initial public offering at 5.85 euros, or 24.17 zloty per share.
Inter RAO Lietuva is the 51st foreign company on the Warsaw exchange, attracted by central Europe’s biggest pool of pension and mutual funds. Lithuania’s Avia Solutions Group AB and Agrowill Group also trade on the bourse in neighboring Poland.
The company now mainly sells electricity from Russia to customers in Lithuania, Latvia, Estonia and Belarus. It’s seeking clients in central Europe’s biggest country as it awaits a power link between Lithuania and Poland which is due to start in late 2015.
“We want to gradually expand on the Polish market and create possibilities to export power,” Jonas Garbaravicius, chairman of its supervisory board, said in Warsaw today.
Its majority owner, Inter RAO, owns a 900-megawatt gas-fired power plant in the Kaliningrad region and can sell abroad, said Anton Nazarov, the Russian company’s spokesman.
Inter RAO Lietuva, which generates 30 megawatt of renewable energy, considers buying wind farms in Poland as the country is preparing new regulations to support renewable energy projects.
“Under the current legislation we don’t see projects which meet our 10 percent rate of return condition, but we will wait,” Garbaravicius said.
The power trader paid its owners 64 million litai ($24 million) of dividends from 2011 net income of 61.2 million litai, according to its website. Sales jumped to 919 million litai last year from 750 million litai in 2010.
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