White & Case advises underwriters on Diagnostyka’s PLN 1.7 billion Warsaw Stock Exchange IPO

Global law firm White & Case LLP has advised the underwriters on the approximately PLN 1.7 billion (€403.8 million) initial public offering (IPO) and listing of shares of Diagnostyka S.A. on the regulated market of the Warsaw Stock Exchange (WSE).

The successful debut was the first IPO on the WSE and one of the largest private equity exit on a regional exchange in 2025 so far. The IPO share price was set at the maximum price of PLN 105 per share, with a final offering of 16,147,124 shares, representing 47.83 percent of Diagnostyka's share capital. The offering consisted solely of existing shares sold by LX Beta S.à r.l., an entity controlled by MidEuropa III Management Limited, Diagnostyka's majority shareholder, which belongs to MidEuropa, a leading private equity investor in Central Europe.

The shares were offered through a public offering in Poland to both institutional and retail investors. The offering was also addressed to qualified institutional buyers in the US, in accordance with Rule 144A of the US Securities Act, and to certain other institutional investors outside the US, in compliance with Regulation S under the US Securities Act.

The IPO has generated significant interest from both international and local investors. In the tranche for individual investors, the reduction in subscriptions reached over 94 percent.

Citigroup Global Markets Limited, Bank Handlowy w Warszawie S.A. – Biuro Maklerskie Banku Handlowego, Jefferies GmbH, Santander Bank Polska S.A. – Santander Biuro Maklerskie and Banco Santander, S.A. acted as joint global coordinators and joint bookrunners. Trigon Dom Maklerski S.A., Wood & Company Financial Services, A.S. Spółka Akcyjna, Oddział w Polsce, Pekao Investment Banking S.A. and Bank Polska Kasa Opieki S.A. – Biuro Maklerskie Pekao acted as joint bookrunners.

Diagnostyka is Poland's largest network of medical laboratories, with 27 years of experience providing comprehensive diagnostic services. Its extensive network includes over 1,100 blood collection points and over 200 laboratories, as well as 19 diagnostic imaging facilities. Diagnostyka provides a wide range of professional services, from the collection and transport of biological samples to performing over 150 million tests annually, delivering high-quality medical analysis results efficiently.

The White & Case team that advised on the transaction included partners Marcin Studniarek, Rafał Kamiński (both Warsaw), Inigo Esteve and Melissa Butler (both London), local partner Monika Dużyńska (Warsaw), counsel Doron Loewinger (London), and associates Adam Marszałek, Dawid Książek and Klaudia Pacocha (all Warsaw).

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