Market Updates
Poland Raises $420 Million in Warsaw Exchange IPO
Nigel Thomas
09 Nov, 2010
New York City
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Poland government successfully sold 64% stake in the Warsaw Stock Exchange and raised $420 million. The Warsaw Stock Exchange rose as much as 23% on the first day in trading.
[R]4:00 PM Warsaw – Poland government successfully sold 64% stake in the Warsaw Stock Exchange and raised $420 million. The Warsaw Stock Exchange rose as much as 23% on the first day in trading.[/R]
The Warsaw Stock Exchange on the first day of trading surged as much as 23% after Poland sold 64% stake in the country’s sole exchange. The public offering raised 1.2 billion zloty or $420 million that valued each share at 44 zloty. The stock traded as high as 52.89 zloty.
The Warsaw Exchange has benefited from the rising trading volume and new listings in the last three years. Daily turnover has tripled in the last decade and number companies listed steadily increased in the last three years.
The Warsaw Exchange is the third largest exchange in the Eastern Europe region with a market capitalization of $198 million, followed by Russia and Turkey.
The public offering is not cheap when measured in earnings. The fast growing exchange is valued at more than nineteen times 2010 earnings, significantly ahead of developed markets exchange valuations.
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