Investing.com — The Prague Stock Exchange is preparing for its first major initial public offering (IPO) in more than four years. This comes after Doosan Škoda Power, a steam turbine manufacturer, revealed to the public its intention to offer a minority stake.
Doosan Skoda Power, the Czech subsidiary of South Korea’s Doosan Energy Co., is looking for investors as the central European nation moves away from coal and looks to rebuild 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 increase its competitiveness by investing in new machinery and facilities.
According to a statement released on Wednesday, investors will have the opportunity to buy up to 33.33% of Doosan’s Czech unit. The offer will consist of approximately 21.5% to 26.5% of existing shares owned by the parent company and approximately 5% to 10% of ordinary shares to be issued by Doosan Škoda.
The CEO of Doosan Škoda Power, Youngki Lim, expressed his pride about the upcoming IPO. In a statement, he said: “It is an honor for us to get acquainted with the Czech capital market and to connect our future even more closely with the development of the energy sector and the entire economy of the CEE region.”
If the IPO goes through successfully, it will mark the first listing on the Czech Republic’s main stock market since the 2020 offering of arms maker Ceska Zbrojovka, now known as Colt CZ Group SE.
This article was generated with the help of AI and reviewed by an editor. See our T&C for more information.
