TVN debuts, but the viewers can't get enough
Shares in the TV firm debuted at zł.35.2-10 percent higher than the public offer, impressing analysts.
The stock price continued climbing throughout the first day of open trading, to give TVN a zł.269 million turnover. This accounted for 27 percent of the total value of transactions on the Warsaw Stock Exchange.
"The demand was created by foreign investors, the supply by individuals," claimed BPH Brokerage House analyst Dariusz Nawrot.
Institutional appetite for TVN stock surpassed the offered tranche more than tenfold, forcing institutions to scramble to the public offer to gain more shares. The high turnover was helped to a large extent by individual investors who were looking to sell for an instant profit.
TVN sold 26.3 million shares, representing 24.2 percent of its capital. They reduced individual purchase orders by 95.9 percent, despite the company's decision to enlarge the individual investor's tranche.
Nawrot says TVN's high rofile helped spark the high level of interest among private buyers. TVN is the pioneer TV broadcaster on the Warsaw bourse and the second-largest media company listed, after Agora SA. Despite this, many believe it will not have a serious impact on the market in general, and daily turnovers are expected to decrease soon. Analysts are now forecasting price stabilization around the opening price of zł.35.2, at least in the short term.
The stock price continued climbing throughout the first day of open trading, to give TVN a zł.269 million turnover. This accounted for 27 percent of the total value of transactions on the Warsaw Stock Exchange.
"The demand was created by foreign investors, the supply by individuals," claimed BPH Brokerage House analyst Dariusz Nawrot.
Institutional appetite for TVN stock surpassed the offered tranche more than tenfold, forcing institutions to scramble to the public offer to gain more shares. The high turnover was helped to a large extent by individual investors who were looking to sell for an instant profit.
TVN sold 26.3 million shares, representing 24.2 percent of its capital. They reduced individual purchase orders by 95.9 percent, despite the company's decision to enlarge the individual investor's tranche.
Nawrot says TVN's high rofile helped spark the high level of interest among private buyers. TVN is the pioneer TV broadcaster on the Warsaw bourse and the second-largest media company listed, after Agora SA. Despite this, many believe it will not have a serious impact on the market in general, and daily turnovers are expected to decrease soon. Analysts are now forecasting price stabilization around the opening price of zł.35.2, at least in the short term.
