Mobile operator announces plans for IPO

Play Communications S.A., the owner of Play, one of the biggest mobile network operator brands in Poland, announced its intention to go for an IPO. This is going to be the biggest debut Warsaw Stock Exchange has ever seen. The company is planning to apply for listing on the main market of WSE.

From the moment of its launch, Play has been steadily increasing its market share, gradually becoming the second-biggest mobile network operator in Poland in terms of subscribers. Over a quarter of all mobile services users stick with the company. The operator has a positive and widely recognisable brand image.

In the press release revealing the bold plans, company representatives stressed the strengths of the Polish mobile market and the country’s economy. Poland was named “one of the most attractive mobile communications markets in Europe”. Among the advantages of the current economic situation are falling unemployment rate, continually growing disposable income and sustainable economic growth. The mobile market in Poland is continuously developing.

The IPO will concern a portion of Play Communications SA’s ordinary shares and will be available to private and institutional investors as well as company employees (who will be offered a 15% discount). The IPO will be accompanied by issuance of new shares to management. Owners of Play assume that in the years after the IPO, dividend will be paid out annually.

Play Communications S.A., the owner of the brand, is owned by Play Holdings 1 S.à r.l., which in turn is in the hands of Tollerton Investments Limited and Telco Holdings S.à r.l. They believe the move will support the company and its corporate strategy.

Among the entities that will be engaged in the carrying out the public offering are J.P. Morgan, Bank of America Merrill Lynch and UBS Investment Bank, Bank Zachodni WBK S.A. and PKO Bank Polski Brokerage House.

Implications for Banking and Business

Developments in the Polish banking sector affect businesses operating in the country in several ways. Access to corporate banking services, credit availability, deposit rates, and payment infrastructure are all critical factors for companies — whether established Polish firms or foreign-owned entities entering the market.

For foreign entrepreneurs setting up operations in Poland, choosing the right banking partner is a strategic decision. Major Polish banks including mBank, ING Bank Śląski, Bank Millennium, PKO BP, and Santander Poland offer varying levels of service for international clients, including English-language online banking, multicurrency accounts, and dedicated relationship managers for corporate clients.

The Polish banking market is well-regulated by the KNF (Financial Supervision Authority) and participates in the EU deposit guarantee scheme (BFG — Bank Guarantee Fund), providing deposit protection up to EUR 100,000 per depositor per institution. This regulatory framework provides stability and confidence for businesses maintaining corporate funds in Polish banks.

If you are doing business in Poland or considering entering the Polish market, Zalewski Consulting can help. Learn more about our VAT and tax advisory, or contact us for a free consultation.