PE-backed Diagnostyka targets $1.2bn valuation with Warsaw IPO

Polish laboratory operator Diagnostyka SA, backed by private equity firm Mid Europa Partners, is gearing up for an IPO on the Warsaw Stock Exchange.

The offering will feature shares held by Mid Europa, which owns a 47.83% stake in the company. Market estimates suggest the IPO could value Diagnostyka at over $1.2bn.

Founded in 1998, Diagnostyka has grown into Poland’s largest laboratory operator, running 1,100 collection points and 156 labs. The company serves approximately 20m patients annually. Under Mid Europa’s ownership since 2011, Diagnostyka achieved a 24% compound annual growth rate, supported by strategic acquisitions. For the first nine months of 2024, it reported recurring EBITDA of 383.4m zloty.

This IPO follows a year of recovery for Poland’s capital markets, highlighted by Zabka Group’s $1.7bn listing. Diagnostyka aims to use the IPO to enhance shareholder value, strengthen its position, and fund future acquisitions. Chief Executive Jakub Swadzba described the listing as a critical step in the company’s growth journey.

The transaction is managed by Banco Santander, Citigroup, and Jefferies Financial Group, with Rothschild & Co providing financial advisory services. The IPO will be closely watched as a bellwether for investor confidence in Poland’s equity market.

Source: Yahoo Finance

Can’t stop reading? Read more