Investors lose heavily on debut of Tarnów Nitrogen Plants
Tarnów Nitrogen Plants which debuted on the Warsaw Stock Exchange yesterday seriously disappointed investors who purchased 38.6% of the company's shares. At the opening of trade, the value of the shares quickly fell by 3.3%. A few hours later the situation only got worse, and at one point the price fell by 20% and rose slight to close down 18%.
The Treasury Ministry and Nafta Polska (NP), the owners of the company, remained cold blooded. "We cannot be accused of undervaluating the company. It could be said that the value was set too high. The final evaluation was made by the market in relation to the situation on the bourse," said Wiesław Skwarko, the deputy president of NP.
The unsuccessful debut of the company, could mean that the Treasury Ministry might decide to postpone other planned IPOs of state corporations.
Sources: Puls Biznesu, Rzeczpospolita, Parkiet
The Treasury Ministry and Nafta Polska (NP), the owners of the company, remained cold blooded. "We cannot be accused of undervaluating the company. It could be said that the value was set too high. The final evaluation was made by the market in relation to the situation on the bourse," said Wiesław Skwarko, the deputy president of NP.
The unsuccessful debut of the company, could mean that the Treasury Ministry might decide to postpone other planned IPOs of state corporations.
Sources: Puls Biznesu, Rzeczpospolita, Parkiet
