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WSE attracts 50% of Europe’s IPOs in Q3


The Warsaw Stock Exchange (WSE) remained the top bourse in Europe in terms of the number of initial public offerings (IPO) in the third quarter of the year, according to IPO Watch Europe, a quarterly survey by PricewaterhouseCoopers. It was the third quarter in a row that the WSE topped Europe for IPO numbers.

A total of 61 companies floated their shares in Warsaw in Q3, up from 55 in Q2 and the best quarterly result ever. The Warsaw bourse accounted for just over 50% of all IPOs conducted in Europe during the three months to September (121). Of the 61 IPOs, seven companies listed on the WSE’s main market and 54 on its junior market NewConnect.

The combined value of Warsaw IPOs reached €1.5bn in Q3, up from €600m in Q2 and representing 16% of the European total. This gave the WSE second place in Europe only behind Spain’s BME and marked the first time on record that the Warsaw stock market ranked ahead of the London Stock Exchange and Deutsche Boerse on IPO values.

The result was disproportionately influenced by the stock market debut in July of big state-owned mining group JSW, which raised €1.3bn, the third-largest IPO in Europe during this period. The same was true of the European IPO market as a whole, with the four biggest transactions (including privatisations of two Spanish banks) representing 79% of the aggregate IPO value for the quarter.

The report notes that IPO activity has declined sharply in recent weeks due to uncertainty over the economic outlook. In Poland too there is a long list of companies which have put their debuts on hold pending an improvement in market conditions.

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