Investors fail to show sufficient interest in Emax launch

Poznan-based IT company Emax failed yesterday in its bid to enter the Warsaw Stock Exchange (WSE), with many investors put off subscribing to the IPO because of the poor state of the bourse. Despite an attractive share price, the only significant investors in Emax were large pension funds. Emax was offering 1.71 million shares, priced at zl.48 each, but found buyers for just 800,000. The company's minimum sale requirement was 850,000 shares. According to Piotr Karmelita from brokerage BMT, Emax will now seek funding from long-term investors, such as venture capitalists. Other analysts comment that Emax's condition is outstanding compared to other companies in the sector. The problem is that the investment climate surrounding the whole industry is gloomy. (Puls Biznesu, p. 8, Gazeta Wyborcza, p. 20) M.T.