* PKP Cargo IPO price set at 68 zlotys per share
* Warsaw's biggest IPO this year
* Plans bourse debut on Oct. 30
WARSAW, Oct 23 (Reuters) - Polish state railway PKP has priced the initial public offering (IPO) of its rail freight subsidiary PKP Cargo at 68 zlotys per share, valuing Warsaw's biggest listing this year at 1.42 billion zlotys ($470 million).
PKP is selling almost half of its freight business, Europe's second-biggest behind Deutsche Bahn in terms of goods carried, to cut its debt and fund investments.
Confirming a Reuters report that it had found sufficient investors at that price, PKP said early on Wednesday that 20.926 million shares would be sold, slightly less than the 50 percent minus 1 share originally planned.
The company said that 17 percent of the IPO will be sold to private investors.
It did not reveal the size of the stake offered to the European Bank for Reconstruction and Development, which had said it would buy up to 7.5 percent of PKP Cargo.
The cargo company plans to make its debut on the Warsaw bourse on Oct. 30, with the next big IPO expected to be the privatisation of Energa, Poland's last remaining state utility.