The debutants of the year

By the middle of December there were 34 IPOs and it seems that next year will not be much worse. We can't hide that PZU or LOT debuts in 2006 would be the biggest hits, but the chances of these taking place are not very big.

As for the debuts announced for 2006, those from the energy sector are the most promising both for companies and investors. Czech concern CEZ wants to be listed on the Warsaw Stock Exchange (WSE). Also, the debut of Jastrzębska Spółka Węglowa seems probable. Elektrownia Kozienice and power company Enea are also bound to have their IPOs but, according to the Treasury Minister, it could only happen after their integration with another entity. It is worth remembering that CEZ has previously said it is interested in Elektrownia Kozienice.

Other promising debuts include Ruch and the WSE itself. The WSE's turnover is growing regularly and after the first three quarters of 2005 it amounted to zł.122 billion as compared to zł.109 billion for the whole of 2004, when it reached a record high level. Additionally, a high number of debuts in 2005 places the WSE in the top ranks of European bourses.

Marek Nienałtowski

Chief economist, DM TMS Brokers SA