Polish insurer to launch huge IPO

WARSAW - PZU SA, Poland's biggest insurer, will on April 20 start an initial public offering of at least 5.5 billion zloty ($1.9 billion) of shares, the biggest European IPO this year.

PZU plans to start trading around May 14. The Polish government and Dutch investor Eureko BV, selling a 30 percent stake, announce the maximum price for individual investors on April 19 and the final price April 29, according to a prospectus published on PZU's website today. They will complete taking orders for shares on April 29.

The offering is part of the government's plan to raise a record $10 billion from the sale of state assets this year to help finance the widening budget deficit. Poland also wants to sell stakes in its biggest energy, chemical and phone companies, as well as the Warsaw Stock Exchange.