Zespół Elektrowni „Pątnów-Adamów-Konin” SA has been newly listed on the Warsaw Stock Exchange on 30 October 2012. It is the first company where a majority stake is held by the State Treasury to introduce its shares to the Warsaw Stock Exchange this year, and the biggest IPO since that of JSW. The issuer is the 436th company listed on the WSE’s Main Market and the 16th new listing on the market in 2012.
ZE PAK joins nine energy companies listed on the Warsaw Stock Exchange, which may impact the interest of investors in the sector. The offering worth PLN 681,540,600 ranks in the top 20 IPOs of Polish companies in the history of the WSE. The issuer’s share price was PLN 26.20 at opening. This means that the capitalisation of ZE PAK SA within minutes of opening was close to PLN 1.37 billion.
“We are glad that Zespół Elektrowni Pątnów-Adamów-Konin has gone public on the exchange,” said Treasury Minister Mikołaj Budzanowski. “The new listing is particularly important to me as it completes the longest privatisation process and represents the biggest IPO on the WSE this year. Moreover, the presence of ZE PAK on the Warsaw trading floor should stimulate the interest of exchange investors in the promising energy sector.”
“The IPO market is now very demanding and challenging due to the crisis of confidence in the profitability of investments. The new listing of ZE PAK is the first so important IPO in a long time. It is also proof of the potential of the Polish capital market,” said Ludwik Sobolewski, CEO of the Warsaw Stock Exchange.
“This is a great privilege. There is no better way that investors can demonstrate their confidence in a company, group and management,” said Katarzyna Muszkat, CEO of ZE PAK.
The core business of the issuer’s group is to produce and distribute electricity, to produce lignite, and to produce and distribute heat (steam and hot water). The issuer’s group is the fifth biggest producer of electricity in Poland as measured by the installed production capacity and the quantity of produced electricity, and has a market share of ca. 6.9% in the production of electricity in Poland as at the end of 2011; it is Poland’s second biggest producer of electricity from lignite with a share of ca. 96% of electricity produced from lignite as at the end of 2011.
