Power surge in Zelmer stock
The Polish home appliances producer saw its shares surge 36 percent at its Warsaw bourse debut last Thursday following heavy demand for the stock.
The stock opened at zł.18, valuing the entire company at zł.274 million.
Earlier this month the government sold its entire 85 percent stake in Zelmer, which has about half of the domestic vacuum cleaner market and also makes small kitchen appliances. The IPO, which was heavily oversubscribed by individual investors and local funds, was priced at zł.13.2 per share, the upper limit of an earlier announced range.
Analysts said news that local venture capital fund Enterprise Investors bought nearly 25 percent in the IPO and announced plans to double its stake helped boost Zelmer's stock price.
The strong debut of the first Polish company to be privatized in 2005 bodes well for future offerings of state-owned firms this year. In the coming months the market will see the flotation of vodka producer Polmos Białystok, power distributor ENEA, chemicals firm Ciech, oil refinery Grupa Lotos and natural gas monopoly PGNiG. (Reuters)
L.M.
The stock opened at zł.18, valuing the entire company at zł.274 million.
Earlier this month the government sold its entire 85 percent stake in Zelmer, which has about half of the domestic vacuum cleaner market and also makes small kitchen appliances. The IPO, which was heavily oversubscribed by individual investors and local funds, was priced at zł.13.2 per share, the upper limit of an earlier announced range.
Analysts said news that local venture capital fund Enterprise Investors bought nearly 25 percent in the IPO and announced plans to double its stake helped boost Zelmer's stock price.
The strong debut of the first Polish company to be privatized in 2005 bodes well for future offerings of state-owned firms this year. In the coming months the market will see the flotation of vodka producer Polmos Białystok, power distributor ENEA, chemicals firm Ciech, oil refinery Grupa Lotos and natural gas monopoly PGNiG. (Reuters)
L.M.
