Sharp drop in total value of IPOs on WSE - PwC

According to global consultancy firm PwC, the total value of IPOs on the Warsaw Stock Exchange (WSE) in the period Q1-Q3 of this year was €115 million (18 IPOs), down sharply from €339 million (24 IPOs) in the same period last year. In Q3, there were only five IPOs, with a total value of €4 million, all in NewConnect, the largest being Tower Investments (€2.4 million). “Unfortunately, our capital market was hit simultaneously by a series of negative factors – changes in open retirement funds, a general outflow of foreign investors from the region, political unrest causing uncertainty on the market, State Treasury actions relating to companies controlled by the ministry detrimental to the interests of minority shareholders, as well as numerous irregularities on the NewConnect and Catalyst markets,” commented Filip Gorczyca, deputy director in PwC's capital markets team.