Tower Owner Emitel Eyes $1.5 Billion Valuation in IPO

Emitel SA, the Polish tower infrastructure operator backed by Alinda Capital Partners, is considering seeking a valuation of around $1.5 billion in its planned initial public offering, people with knowledge of the matter said.

The company is working with Goldman Sachs Group Inc., Citigroup Inc., Credit Suisse Group AG and PKO Bank Polski SA on the share sale, according to the people. It plans to list in Warsaw as soon as the second quarter of this year, the people said, asking not to be identified because the information is private.

Alinda Capital plans to keep a majority stake in Emitel after the listing, the people said. It hasn’t set detailed terms for the IPO, and the valuation could change depending on investor demand, the people said.

Emitel owns more than 500 towers used in television and radio broadcasting as well as mobile phone transmission, according to its website. Alinda bought the firm from fellow private equity firm Montagu in 2013.

Spokespeople for Citigroup, Credit Suisse, Emitel, Goldman Sachs and PKO declined to comment, while a representative for Alinda Capital didn’t immediately respond to a request for comment.

Emitel filed registration documents for a potential IPO with Poland’s financial regulator earlier this year.

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