Poland’s state railway operator PKP, which is selling just under 50 percent of its cargo unit through an initial public offering (IPO), said EBRD would take at least a 5 percent stake.

The flotation, expected to be Warsaw’s largest stock market debut this year, is to raise up to 1.6 billion zlotys ($520 million) for PKP. PKP Cargo is the European Union’s second-biggest freight company.

EBRD, which was created in 1991 to help eastern Europe make the transition to the market economy, said in its statement its final engagement in PKP Cargo would depend on the price set in the initial public offering. (Reuters)