Poland’s top energy group PGE priced shares in its initial public offering, the largest in Europe this year, at 23 zlotys per share, valuing the offering at $2.4 billion, the company said on Tuesday (reports Reuters).

The price, at the top of the company’s previously announced range, was in line with expectations by fund managers polled by Reuters and values the entire company at 40bn zlotys ($14 billion).

Due to high demand, estimated at 45bn zlotys at top price, the company decided to increase the number of shares for individual investors to 38.9m, or 15 per cent of the issue, from about 22m. Institutional investors will get the remaining 220.6m shares on offer.

The PGE listing is among the first large initial offers in Europe to test investor interest for new shares after the IPO market dried up following the global financial crisis.