Will Polish companies take advantage of the IPO opportunity? WSE takes matters into its own hands
– We observe the growing interest in the stock exchange among entrepreneurs, which is confirmed by the registration on the WSE of IPO Academy. We also initiate meetings with companies from various industries, promoting the capital market and its possibilities. Together with one of the leading brokerage offices, we already run a series of meetings in the largest cities in Poland, promoting the advantages of IPO. We are also working on launching new formats of educational activities in the coming months – Izabela Mikołajczyk, director of the primary market department of the WSE, told PAP Biznes.
She added that in the perspective of 2025–2026 she noticed the potential for the construction of a solid base of companies wanting to carry out a public offer and hopes that they will be implemented. – In the first half of 2025, Diagnostyka and Arlen debuted on the Main Square – both brought profits to investors participating in IPO – she added. The value of the first company's offer is PLN 1.7 billion, and the second is PLN 271 million. The third debutant this year was Qna Technology, moving from NewConnect. None of the three issued the action, so they did not get money from the WSE (the influence obtained from the sale of shares went to shareholders).
Many companies do not even consider raising capital from the stock exchange
WSE launches the WSE IPO ACADEMY, a program addressed to companies planning to enter the public market. He is directed to the founders, board members as well as financial directors and investor relations, who want to learn the full process of the stock market debut (IPO) – from the decision to enter the WSE, through the preparation of documentation, to the strategy of communication with the market.
– The initiative was created from the need for education and promotion of the capital market as an effective form of financing the economy. Currently, the Polish economy is financed by the capital market in just 25 percent, which is a result much lower than in many other European countries and below the EU average of about 60 percent. – said the director.
She added that one of the reasons for the limited interest in the stock market debut are the habits of entrepreneurs to traditional methods of financing operations. – Some companies could never analyze the possibility of raising capital through the stock exchange. That is why it is so important to promote education in this area. We are aware that being a public company is also associated with a number of obligations, which may incline some companies – especially profitable for which bank financing is available – to choose other sources of capital – she added.
As she noted, even several years may pass from the first conversations with the company about IPO to the debut. – In order for the issue to occur, there must be a real capital or liquidity need on the company or its owners, e.g. in connection with succession, where a public offer may be one of the tools of its conduct. Early education is of great importance here – it avoids errors at the initial stages of development, such as excessive divorce of shares, which at the time of the debut creates supply pressure and hinders the structure of the transaction – said Mikołajczyk.
GPW IPO ACADEMY is to help start the market
The start of the GPW IPO ACADEMY program is scheduled for October. It will cover a series of five two -day expert workshops taking place every month. Its purpose is to present entrepreneurs the benefits of being a public company, explain the IPO process step by step and to provide comprehensive knowledge about the activities necessary to introduce the company on the stock exchange.
The thematic scope will include, among others Discussion of the IPO process in practice, the required legal documentation and activities necessary to prepare the company – from changes in the area of Corporate Governance, by adapting the legal form, to proper preparation of financial reporting. Among the topics are also The issue of creating the so -called Equity Story, i.e. the ability to construct investment theses to convince investors to involve capital in the company, valuation and determination of the price range, information obligations, or diversification of financing sources.
– As part of the Academy, there will also be meetings with our special guests – presidents of already listed companies, which, thanks to the capital market, could develop activities, acquire acquisitions or achieve other strategic goals. Program participants will have the opportunity to hear the opinions and experiences of the issuers themselves, who have gone from preparing to their debut to functioning as a public company – said the director.
The program is also to help in contact with market experts and other companies preparing for the debut. It will be an opportunity for networking, exchange of experiences and building valuable business relationships. The number of places in the WSE of IPO ACADEMY is limited to 30 participants, and – as Mikołajczyk said – the applications already cover more than half of the available pool.
– Entering the stock exchange is above all a chance to make the company's valuation more real about the capital market. It is also access to funding under IPO and secondary offers. Their conduct was facilitated by the provisions arising from the so -called Listing Act, which increased the emission limits in the non -loser formula. This simplified the procedures, shortened the duration of the offer and reduced the costs. Listed companies also have easier access to debt financing in the form of bonds. For shareholders, in turn, the debut means the possibility of implementing the investment output strategy – pointed out the director of the Primary Market Department of the WSE.
What the WSE does to attract new companies to the dance floor
As she informed, the WSE works proactively to build the future base of debuts. She indicated that the stock exchange regularly meets entrepreneurs, conducts workshops and other educational activities, presenting the benefits of being a public company.
– It is more and more often that companies themselves come to us for knowledge about the trial. In addition to the WSE IPO ACADEMY, we also implement the IPO BRIDGE WSE program, in which we organize meetings of representatives of brokerage houses with private equity funds. The goal is to present the most interesting portfolio companies that may become candidates for the debut in the future. Next year, we plan to expand this initiative to meet with the Family Offices, which can not only be a source of new issuers, but also fill in the demand gap on the Polish market – said Izabela Mikołajczyk.
As she noted, there are currently favorable market conditions for debuts. – The stock market bull market is underway, and the indexes reach further records. Since the beginning of the year, they have increased by over 30 percent, which has a positive effect on valuations – one of the key factors in decisions about listing. The market is also expecting further interest rate reduction in the following months, which should additionally conducive to valuations. A potential suspension of weapons behind the eastern border can become a catalyst for the influx of foreign capital – she said.
– At the same time, we operate in conditions of increased market variability associated with different risks, including geopolitical ones. Transaction windows can open and close in a short time, which is why it is so important to start preparations for IPO in advance and be ready to take this opportunity. The process itself – from starting work on the prospectus to the debut – usually lasts about six months – she added.
When asked about factors that hinders companies to enter the stock exchange, she pointed to the gap in financing on the Polish market. – On the one hand, the segment of private financing – e.g. Venture Capital – is not sufficiently developed, which hinders the development and scaling of companies, especially technological startups, so that they can enter the stock exchange in the next steps. On the other hand, there is a demand gap on the capital market resulting from the consolidation of OFE and TFI – said the director of the WSE.
As a result, on one side there are large OFEs and TFI interested only in large transactions, often requiring foreign demand, and on the other – smaller TFI, which are not able to generate sufficient volume of demand. – Smaller offers turn out to be too small for foreign investors, which particularly affects small and medium -sized companies – those that need capital from the stock exchange most – said Izabela Mikołajczyk.
She added that perhaps in the future the stock exchange will permanently attract a new group of institutional investors, such as family foundations, which could fill this gap and open the capital market for innovative companies looking for funds for development, and innovations are nothing but a driving motor for economic growth.
