Polish Coal Company IPO with Employee Stake

The IPO of the state-controlled coal company Jastrzebska Spolka Weglowa raised 5.4 billion zlotys ($1.96 billion) for the Polish government. Company management released a letter written to the workforce, which begins: "Dear workers, our shareholders," and describes the public sale of 33% of the company's shares. As part of the transaction, current and former employees have received a 17% stake in the company, and one-third of current employees exercised the right to buy additional shares ahead of the IPO.