Update: MidEuropa secures €1bn exit as Diagnostyka debuts on Warsaw Stock Exchange

MidEuropa-backed Diagnostyka, a leading Polish diagnostic service provider, made its stock market debut on 7 February 2025, achieving a valuation of over €1bn.

The IPO stands among the largest private equity-backed public exits in recent years.

Priced at PLN105 (€25) per share, the listing raised more than €400m in gross proceeds for MidEuropa’s investors, marking the firm’s full exit after more than a decade. Since acquiring Diagnostyka in 2011, MidEuropa has fueled its growth through 120 acquisitions, reinforcing its dominance in European healthcare.

Diagnostyka’s IPO ranks among the most significant on the Warsaw Stock Exchange in five years and is one of the few successful private equity-backed listings in Europe. Other attempts, including Enterprise Investors’ planned listing of Croatian retailer Studenac and Permira’s flotation of luxury brand Golden Goose, were abandoned due to unfavorable market conditions.

By early January 2025, MidEuropa held a 47.83% stake in Diagnostyka, while the company’s founders, key management, and board members retained the rest, which was not part of the offering. Diagnostyka’s financials showed strong momentum, with 2023 revenues of PLN1,597m (€381m) and PLN1,460m (€348m) recorded in the first nine months of 2024.

Rothschild acted as the independent financial adviser, while Citigroup Global Markets, Jefferies, and Santander served as joint global coordinators. Bank Polska Kasa Opieki and Pekao Investment Banking were joint bookrunners, with legal counsel from Greenberg Traurig, Baker McKenzie Krzyzowski i Wspólnicy, and White & Case. The transaction highlights the resilience of private equity-backed IPOs despite market volatility.

Source: Real Deals

Read our previous article covering this deal here.

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