Not so high spirits
Polmos Białystok, producer of the famous Żubrówka vodka brand, had a difficult debut on the bourse, falling below its price in the IPO. The opening price of shares was zł.77.8 - 2.75 percent below the par value.
Individual buyers who bought Polmos' shares with a two percent discount recorded a 0.8 percent loss.
"Indeed, our debut turned out a bit unfortunate. But I would not worry too much. It is probably due to a generally difficult situation on the bourse, which is going through a transitional period. It doesn't help either that we still don't know our strategic investor," said Jan Małachowski, president of Polmos Białystok.
The market value of the company amounts to zł.922 million, but the Ministry of Treasury, which sold 32 percent of Polmos' shares, is still expecting around zł.1 billion income from the privatisation.
After previous successful privatisations, investors hoped for a big profit. At the same time, they were a little daunted with the high price proposed by the Ministry and some eventually decided not to subscribe. The price of shares is expected to rise once a strategic investor for the company is chosen.
Individual buyers who bought Polmos' shares with a two percent discount recorded a 0.8 percent loss.
"Indeed, our debut turned out a bit unfortunate. But I would not worry too much. It is probably due to a generally difficult situation on the bourse, which is going through a transitional period. It doesn't help either that we still don't know our strategic investor," said Jan Małachowski, president of Polmos Białystok.
The market value of the company amounts to zł.922 million, but the Ministry of Treasury, which sold 32 percent of Polmos' shares, is still expecting around zł.1 billion income from the privatisation.
After previous successful privatisations, investors hoped for a big profit. At the same time, they were a little daunted with the high price proposed by the Ministry and some eventually decided not to subscribe. The price of shares is expected to rise once a strategic investor for the company is chosen.
