Dec 6 (Reuters) - Murapol has set the final price in its upcoming initial public offering in Warsaw at 33 zlotys per share, valuing the Polish residential developer at about 1.35 billion zlotys ($338 million), it said on Wednesday.
Murapol said its majority shareholder AEREF V PL Investment, which belongs to funds managed by Ares Management, will offer 12,240,000 shares equal to a 30% stake in the company's share capital.
The expected total value of the offering is about 404 million zlotys, it said.
The final price is 6% from the maximum price, which was set at 35 zlotys.
The number of shares has been increased from the initial 10.2 million shares due to "very high" demand from international and Polish institutional investors, Murapol said.
"During discussions with a number of domestic and international investors, we met with genuine interest in the vertically integrated business model of the Murapol Group," CEO Nikodem Iskra was quoted as saying in a statement.
Murapol, which has been operating for more that 22 years in the Polish residential market, expects to debut on the main market of Warsaw Stock Exchange around Dec. 15.
TESTING THE WATERS
The offering is set to test the appetite for new listings on the Warsaw bourse's main market after a nearly two-year drought.
The stock exchange's only listings in 2022 and so far this year have been transfers from the NewConnect market - its exchange for smaller companies.
Murapol said that 855,000 shares, or about 7% of total in the offering, will be offered to retail investors.
The company says its geographic diversification -- it operates in 19 cities, including the largest residential markets in Poland but also smaller cities -- and large landbank, give it a competitive edge.
It expects to sell 2,900 units to retail customers this year and about 3,700-3,800 next year, and intends to recommend a dividend of at least 200 million zlotys next year.
($1 = 3.9990 zlotys) (Reporting by Anna Pruchnicka; Editing by Tom Hogue, Christopher Cushing and Kim Coghill)
