IPOs In Q3 2011: Warsaw Stock Exchange Remains a Leader

• WSE remains #1 in Europe by the number of IPOs and moves up to #2 by the value of IPOs.
• Record-high number of IPOs on NewConnect for a third consecutive quarter.
• WSE marks its presence on the global IPO map.

The Warsaw Stock Exchange was #1 in Europe by the number of IPOs in Q1, Q2, and Q3 2011 (regulated market and alternative stock market combined) according to the latest IPO Watch Europe report published by PricewaterhouseCoopers (Table 1).

In total, 61 companies were newly listed on the WSE Main Market (7) and NewConnect (54). This was the best quarterly result in the history of the WSE.

The Warsaw Stock Exchange ranked #2 in Europe by the value of IPOs in Q3 2011, following the Spanish exchange (BME) but for the first time it moved ahead of the London Stock Exchange Group and Deutsche Börse, which were much more strongly affected by the financial crisis.

A total of 7 companies were newly listed on the WSE Main Market in Q3 2011. The IPO of Jastrzębska Spółka Węglowa (JSW) worth EUR 1.3 billion was the third biggest IPO in Europe. The group of foreign companies listed in Warsaw grew with the eleventh Ukrainian listing, Coal Energy registered in Luxembourg, the second Lithuanian listing, Agrowill, and the seventh foreign company listed on NewConnect, Avtech Aviation and Engineering (United Kingdom). The WSE successfully continues the strategy of strengthening its international position in the world.

Table 1. Number and value of IPOs on European exchanges
(alternative and regulated markets combined)

Source: PwC, IPO Watch Europe, Q1, Q2, Q3 2011 reports

The WSE has been a top European exchange by the number and the value of IPOs since 2006. The record-breaking number of IPOs on the WSE is mainly owed to the NewConnect market, where the number of listings continues to grow dynamically despite the downturn. In Q3 2011, 54 companies were newly listed on NewConnect and raised aggregate capital of EUR 40 million.

According to the Q3 2011 IPO number and value statistics published by Ernst & Young in its Global IPO Update report, the Warsaw Stock Exchange once again stood out among the global trading floors and ranked #6 in terms of the capital raised by issuers. In Q3 2011, public companies globally raised 57% less capital than in Q2.

Table 2. Value of IPOs globally (excluding alternative trading platforms)

Source: Dealogic, Thomson Financial, Ernst & Young report “Global IPO Update”