Investing.com — The Prague Stock Exchange is preparing for its first significant initial public offering (IPO) in more than four years. This comes after Doosan Skoda Power, a 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 Co., is seeking investors as the Central European nation transitions away from coal and sets out to revamp its energy infrastructure. The country’s new energy plans include nuclear, gas, wind and solar plants. The company intends to use the funds raised in the IPO to improve its competitiveness by investing in new machinery and facilities.
According to a statement published on Wednesday, investors will have the opportunity to acquire up to 33.33% of Doosan’s Czech unit. The offering will comprise approximately 21.5% to 26.5% of the existing shares held by the parent company and around 5% to 10% of the ordinary shares to be issued by Doosan Skoda.
Doosan Skoda Power CEO Youngki Lim expressed pride in the upcoming IPO. “It is an honor for us to get to know the Czech capital market and to link our future even more closely with the development of the energy sector and the entire economy of the Central and Eastern European region,” he said in the statement.
If the IPO goes ahead successfully, it will mark the first listing on the Czech Republic’s main stock market since the 2020 offering by arms maker Ceska Zbrojovka, now known as Colt CZ Group SE.
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