OREANDA-NEWS. August 9, 2011. The Warsaw Stock Exchange (WSE) has begun trading shares of Coal Energy (CLE:PW), one of the largest private coal companies in Ukraine, which mines and beneficiates thermal and coking coal.

Coal Energy has placed 25% of its share capital through an IPO on the WSE, raising USD 81.4m of new equity capital. According to the rules of WSE, the first day of listing is August 4th. Dragon Capital was the lead-manager of the transaction, with assistance of Dom Maklerski BZ WBK (Poland).

This IPO is the 2nd largest ever made by a Ukrainian company on the Warsaw Stock Exchange and the largest since July 2008 in terms of funds raised.

"We are pleased with the results of the IPO. Despite the difficult situation on international capital markets and the reduced flow of funds on the Warsaw Stock Exchange because of pension reform in Poland, the management of Coal Energy and the arrangers of the IPO managed to attract a large number of investors and raise required funding for the company" said Victor Vyshnevetsky, Chairman of the Board Directors of Coal Energy.

During the IPO, the arrangers held meetings and conference calls with more than 80 institutional investors and Coal Energy’s management personally presented the company to investors on an 11-day road show in Moscow, Vienna, London and Warsaw.

“Coal Energy is a very high quality industrial asset with significant growth potential and a straight-forward business strategy. These reasons, along with the clear transaction structure and properly-selected timing for closing of the book, enabled completion of this deal during a difficult time for international capital markets when other issuers failed to arrange their IPOs", said Brian Best, Managing Director and Head of Investment Banking at Dragon Capital.