On your marks: At the stock exchange in Warsaw there are many new issues. Source: Reuters
BERLIN. Next Wednesday will be traded on the Warsaw Stock Exchange for the first time the shares of the Polish insurer PZU – the largest IPO in Europe since 2007. At the same time more and more observers wonder whether the series of successes in the IPO market is over. "The sharp reverses on Eastern European stock markets following the crisis in Greece’s ambitious privatization program in Poland called into question," said the marketing portal "Bizpoland.pl. For days the stock prices fall on the Warsaw stock exchange GPW, the national currency zloty yesterday lost massively in value.
First concrete already announced share issues were canceled yesterday: According to a spokesman of the Polish Treasury, which is responsible for the management of state assets, the emissions of the chemical companies Azoty Tarnow, Ciech and ZAK are moved. The privatization of the troubled national airline LOT was canceled yesterday for this year.
The Polish government announced a number of IPOs, so this year alone to take the equivalent of ten billion dollars from privatization. Should the necessary borrowing to be reduced. 20 IPOs planned in Warsaw this year – including the GPW will myself to go public.
The program was started successfully, but now threaten many difficulties. Warsaw Stock Exchange had in the years 2008 and 2009, most IPOs listed all European trading venues, including the initial public offering of shares of the largest Polish supplier PGE. The initial public offering of PZU, which starts on Wednesday as the first listing in Warsaw, brings the Polish government and the Dutch shareholder Eureko 8.1 billion zlotys (equivalent to around two billion Euro).
In parallel, the flotation of Kulczyk Oil, the oil company of Poland’s richest Jan Kulczyk: He brings shares for 851.5 million zlotys on the stock market. In return, he plans to Warsaw, according to business daily "Parkiet" to participate in the planned IPO of supplier Energa. Here up first June bids for 83 percent of the Polish fourth largest electricity company will be given. End of June will be shares of the supplier Tauron are first traded on the GPW.