WOOD & Company participated in three share placements in October with an aggregate gross value of approximately EUR 255.5 million. The offerings on the Prague, Warsaw and London stock exchanges resulted in three different outcomes for the selling shareholders: retention of majority control, partial monetisation of an investment, and a full exit. Strong investor demand led to two of the offerings being upsized from their initially announced volumes.
All three transactions were executed through accelerated bookbuildings (ABBs), in which orders are collected rapidly from institutional investors, often allowing placements to be completed within hours of launch. Their results were announced between 21 and 23 October 2026. The existing shareholders were the sellers and received the proceeds; the companies themselves did not raise any new capital.
Doosan Škoda Power
On the Prague Stock Exchange, Doosan Power Systems, the majority shareholder of Doosan Škoda Power, sold a 17% stake in the company for gross proceeds of CZK 2.196 billion, or approximately EUR 90.3 million. WOOD & Company acted as a Joint Global Coordinator and a Joint Bookrunner alongside Raiffeisen Bank International and Raiffeisenbank.
Doosan Power Systems exercised in full the upsize option announced at launch. Instead of the base offering of 3,190,000 shares, representing 10% of the share capital, it sold 5,422,999 shares at CZK 405 per share. Strong investor demand thus led to an increase of 70% in the number of shares placed.
The sale price represented a 10.6% discount to the closing price of CZK 453 on 20 October. Following settlement, Doosan Power Systems retained 50% of the shares plus one share, thereby maintaining majority control. Its remaining stake is subject to a 360-day lock-up, with customary exceptions. The selling shareholder also indicated its intention to retain majority ownership of the company.
The Pilsen-based steam turbine manufacturer listed on the Prague Stock Exchange in February 2025. The IPO, worth approximately CZK 2.5 billion, comprised both new and existing shares; gross proceeds to the company itself amounted to CZK 696 million. By contrast, the October offering consisted solely of shares sold by the existing shareholder. As of 30 June 2026, the group had CZK 17.9 billion in outstanding orders (its order backlog), compared with CZK 8.2 billion a year earlier. For the first half of 2026, the group reported revenue of CZK 2.68 billion, up 2.7% year on year, and EBITDA of CZK 359 million, up 39.7%.
Digital Network
On the Warsaw Stock Exchange, shareholder Epicom Limited sold a 19.75% stake in Digital Network. The transaction had a gross value of PLN 261.5 million, or approximately EUR 59.5 million. WOOD & Company acted as a Joint Global Coordinator and a Joint Bookrunner alongside Pekao Investment Banking. BM Pekao and Trigon served as Joint Bookrunners.
Epicom Limited sold a total of 901,765 Digital Network shares at PLN 290 per share. The initially announced offering comprised 547,908 shares, or approximately 12% of the share capital. The final number of shares sold was 64.6% higher; the sale price represented an 18.8% discount to the closing price of PLN 357 on 21 October.
Following settlement, Epicom's stake declined from approximately 49.70% to 29.95%. The shareholder, which has held an investment in the company since 2018, remains its largest owner. According to the transaction announcement, the sale was intended to partially monetise the investment and diversify its portfolio, while also broadening the investor base and improving share liquidity. Epicom agreed to a 360-day lock-up on its remaining shares, subject to agreed exceptions.
The Digital Network group operates in digital and large-format out-of-home advertising. According to the group, its subsidiary Screen Network manages more than 20,000 LED and LCD screens, reaching approximately 6.5 million people daily in Poland.
Eurowag
On the London Stock Exchange, Bock Capital EU Luxembourg WAG S.à r.l., an entity affiliated with private equity firm TA Associates, sold its entire remaining stake in W.A.G. Payment Solutions (Eurowag). The transaction comprised 88,505,764 shares, representing approximately 12.7% of the share capital, at GBP 1.00 per share. The total gross value reached GBP 88.5 million, or approximately EUR 105.7 million.
The sale price represented an 8.6% discount to the closing price of 109.4 pence on 22 October. WOOD & Company acted as a Joint Bookrunner, while Peel Hunt served as Sole Global Co-Ordinator and Joint Bookrunner.
The sale followed a gradual reduction in the investor's stake after its initial investment in Eurowag in January 2016. In July 2026, it had sold 30 million shares, representing approximately 4.3% of the share capital, for GBP 30 million. WOOD & Company also acted as Joint Bookrunner on that transaction. Eurowag subsequently announced on 26 October that TA Associates representative Morgan Seigler had stepped down from its board of directors.
Eurowag provides payment, tolling and other services for the road freight sector. In its 2025 results, it reported 321,500 active trucks and net revenue of EUR 330.1 million, up 12.9% year-on-year. Its tolling services were available in 23 countries.
UzNIF and Continued Investor Engagement After the IPO
Alongside secondary share sales, WOOD & Company continues to work with issuers after their stock market debuts. In May, it acted as a Joint Bookrunner for the international offering of Uzbekistan's sovereign investment fund UzNIF. Its global depositary receipts (GDRs) were admitted to trading on the Main Market of the London Stock Exchange on 18 May. Managed by Franklin Templeton, the fund holds stakes in 13 state-owned enterprises across transport, financial services, energy and other sectors.
The May IPO was followed by an investor roadshow in October. WOOD & Company representatives, including CEO Vladimír Jaroš, attended the UzNIF Investor Day in Tashkent from 13 to 15 October. The programme included meetings with seven companies, giving investors an opportunity to engage directly with portfolio company management teams following the fund's listing.
