Low-powered debut

Shares in Enea, Poland's second-largest electric energy group, opened at zł.15.60 but ended the day at zł.15.25 in the red last Monday when the company entered the Warsaw Stock Exchange (WSE). The opening price was 1.3 percent above the original evaluation of the stock. This rose to zł.15.40 a few minutes after midday.

By the end of the week the stock had fallen to zł.14.

"We expected a better debut," Kamil Kliszcz, an analyst at DI BRE, told Rzeczpospolita.

The company had hoped to earn zł.3 billion from the floor, but only managed to take zł.2 billion after selling fewer shares than expected. Just 2.4 percent of Enea's shares were purchased by individual and institutional investors. Sweden's Vattenfall, which stepped in the week before the IPO to save the deal, agreed to buy an 18.7 percent stake, paying zł.20.14 per share.

After the IPO, the State Treasury has a 76.5 percent stake in Enea.

The privatization of the energy company should be concluded next year, and Vattenfall has already shown interest in purchasing a controlling stake.

Due to the lower revenues, Enea might be forced to launch a eurobond program to raise the zł.10 billion it needs to finance an extensive investment plan, Jacek Piątkowski, Enea's acting chief financial officer told the press.

"We are aiming at that level because our investment needs are at zł.15 billion," Piątkowski said. "However, under the current market conditions it is hard to have any fixed plans." Some of the company's plans might be delayed until 2015.

Enea also has its eyes on the Bogdanka coal mine and PAK power group, both of which are state-controlled.

"We do not exclude taking part in the upcoming IPO of Bogdanka. We are also interested in the state's stake in PAK," Paweł Mortas, Enea's chief executive, told Reuters.