Poland floated 15% of TPSA in 1998, raising $1.5 billion on the Warsaw exchange.

Telekomunikacja Polska controlled about 98% of Poland's wireline market, with 7.5 million lines and 1997 net profit of 988 million zlotys; OECD membership plus pension and coal restructuring needs pushed the government to privatize it in 1998 despite the Russian financial crisis.

The government set a price range of $840 million to $1.9 billion for 15% of the company, selling two-thirds to foreign institutions and one-third to domestic investors; trading began on November 20 on the Warsaw Stock Exchange.

The IPO raised about $1.5 billion, valuing TPSA at roughly $7 billion — Poland's largest privatization to date — and doubling the Warsaw exchange's capitalization; the treasury then sought a strategic investor for a further 25–35% stake.

The government sold 15% of TPSA for about $1.5 billion, valuing the company at about $7 billion; shares began trading on the Warsaw Stock Exchange on November 20, 1998.

Selling to foreign institutions broadened demand beyond the thin domestic market.

Proceeds funded pension reform and coal-industry restructuring.

The listing doubled the Warsaw exchange's capitalization.

OECD membership added credibility for international investors.

A big state monopoly can be floated even in a crisis window: selling to foreign institutions and earmarking proceeds for pension reform made the privatization a national test of confidence.

In 2000 France Telecom won exclusive negotiating rights for a 35% TPSA stake valued at $4 billion, with an option to rise to 51%, completing the transfer of control and cementing TPSA as the crown jewel of Poland's privatization process.