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Czech Fortuna IPO planned by end-October

Czech betting agency Fortuna plans to float shares on the Prague and Warsaw stock exchanges by the end of October, two sources with knowledge of the deal said on Friday.

"The decision has been made this week. The firm's intention is to complete the listing by October," one of the sources said. 

The initial public offering (IPO) should be announced in the middle of next week, with a prospectus to follow in the coming weeks.

The sources declined to say how much the IPO would be worth.

A Fortuna spokesman declined to comment.

Polish media reported in January that Fortuna, owned by Czech and Slovak financial group Penta Investments, planned to raise €100 million from an IPO. 

UniCredit and Erste Group Bank are running the flotation, which will be the first in Prague since 2008.

Fortuna is active in the Czech Republic, Slovakia, Poland and Hungary. The group reported an 11% rise in earnings before interest, tax, depreciation and amortisation (EBITDA) to €11.61 million in the first half of the year.

It received bets worth €191.6 million in that time, up 12% from the year before. (Reuters)