Investing.com – The Prague Stock Exchange is preparing for its first large initial public offering in more than four years. This comes after Doosan Skoda Power, the steam turbine manufacturer, revealed its intention to offer a minority stake to the public.
Doosan Skoda Power, a Czech subsidiary of South Korea’s Doosan Enerbility, is looking for investors as the central European country transitions away from coal and is set to revamp its energy infrastructure. The country’s new energy plans include nuclear, gas, wind and solar power plants. The company intends to use the funds raised from the IPO to enhance its competitiveness by investing in new machinery and facilities.
According to a statement issued on Wednesday, investors will have the opportunity to buy up to 33.33% of Doosan’s Czech unit. The offer will include approximately 21.5% to 26.5% of the existing shares held by the parent company and approximately 5% to 10% of the common shares to be issued by Doosan Skoda.
Yongki Lim, CEO of Doosan Skoda Power, expressed his pride in the upcoming IPO. “It is an honor for us to get to know the Czech capital market and to link our future more closely with the development of the energy sector and the entire economy in the Central and Eastern European region,” he said in the statement.
If the IPO is successful, it will be the first listing on a major stock market in the Czech Republic since the 2020 offering of arms maker Ceska Zbrojovka, now known as Colt CZ Group SE.
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