KIEV, May 13 - Kulczyk Oil Ventures Limited (KOVL, Cyprus), the key shareholder of which is Polish businessman Jan Kulczyk, plans to send a part of funds raised during an initial public offering (IPO) to finalize a deal on the acquisition of natural gas extraction assets in Ukraine, reads a company press release.
Kulczyk Oil on May 11 conducted an IPO on the Warsaw Stock Exchange (WSE), selling 166.4 million shares at PLN 1.89 per share. The company raised PLN 314.4 million ($99.7 million), while initially Kulczyk Oil planned to raise up to $265 million. The company placed around 83% of its earlier issued shares. Kulczyk Oil expects that share listing on the WSE would start from May 25.
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