Inter RAO Baltic Unit Jumps on First Day of Warsaw Trade
Inter RAO Lietuva AB (0624585D), 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 6.1 percent to 25.65 zloty at 9 a.m. in Warsaw, valuing the Vilnius-based company at 513 million zloty ($165 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 traded on the Warsaw exchange, attracted by central Europe’s biggest pool of pension and mutual funds. Lithuania’s Avia Solutions Group and Agrowill Group already 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.
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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