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WSE remains top in Europe for IPO volumes in Q1


The Warsaw Stock Exchange (WSE) came top in Europe in terms of the number of initial public offerings (IPOs) held in the first quarter of 2012, thus maintaining the lead position among the continent’s bourses for IPO volumes that it assumed in 2011, according to a quarterly report by PwC. That is despite a substantial fall in the number of floats in Warsaw during the three months to March, both in relation to Q4 2011 and compared with a year earlier.

There were a total of 25 IPOs on the WSE in the January-March period, including four on the main market and 21 on NewConnect, the junior market. By way of comparison, in Q4 2011 there were 42 IPOs (four on the main market), and in Q1 2011, 45 (7).

The floats were worth just €14m, giving the WSE fourth place in Europe, behind NYSE Euronext (€975m), Zurich’s SIX Swiss Exchange (€681m) and the London Stock Exchange (€621m). The result is only marginally lower than in Q4 2011 (€15m) but more than nine times lower than in the same period of last year (€121m).

The biggest IPOs in Q1 were a €7.5m flotation of Nokaut, owner of a leading price comparison website, and a €1m debut of construction firm Kopahaus. Nearly one in two of the IPOs were from high-tech firms, followed by the real estate and manufacturing sectors with four companies each.

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