We use cookies to make sure our website better meets your expectations.
You can adjust your web browser's settings to stop accepting cookies. For further information, read our cookie policy.
SEARCH
IN Warsaw
Exchange Rates
Warsaw Stock Exchange - Indices
The Warsaw Voice » Business » November 28, 2013
Business & Economy
You have to be logged in to use the ReadSpeaker utility and listen to a text. It's free-of-charge. Just log in to the site or register if you are not registered user yet.
Rail Giant Hits Stock Exchange
November 28, 2013   
Article's tools:
Print

PKP Cargo, the largest freight rail carrier in Poland and the second largest in the European Union, entered the Warsaw Stock Exchange Oct. 30. The company’s stock market debut came on the heels of its zl.1.42 billion initial public offering, which marked the largest IPO on the WSE this year.

PKP Cargo opened at zl.80.20 on debut day, around 18 percent above its IPO price of zl.68. This was the biggest opening-day rise among companies that entered the WSE this year. At the session’s close, the company’s market capitalization was over zl.3.5 billion, making PKP Cargo one of the largest companies listed on the Warsaw Stock Exchange.

“Our WSE debut was the culmination of a long but productive process of restructuring PKP Cargo,” said the company’s CEO Łukasz Boroń. “However, we do not treat our WSE debut as our final destination but as a starting point on a new route. Now, with the new shareholders, we want to focus on carrying out our strategy and taking advantage of our potential for further development. We want to further restructure the company and strengthen our position on the Polish market and continue to expand internationally.”

PKP Cargo’s IPO was worth zl.1.42 billion. A total of 20,926,171 shares were offered to both individual and institutional investors. Individual investors were allocated 3,600,000 shares, representing 17.2 percent of the total number. The offering attracted about 24,000 individual investors.

PKP Cargo is the 446th company to be listed on the WSE’s main market and the 17th newcomer to the market this year. “Investors have once again confirmed that, even though the market is difficult, a good offering will always attract buyers. PKP Cargo’s debut is another example of a successful privatization carried out through the stock exchange,” said Beata Jarosz, vice-president of the board at the WSE.
© The Warsaw Voice 2010-2018
E-mail Marketing Powered by SARE