Will WB Electronics jump on the market? PFR: Natural direction of development

The Polish Development Fund (PFR) looks favorably on the possible stock exchange listing of WB Electronics, but it will be a joint decision of all shareholders, which has not yet been made – PFR Vice-President Mikołaj Raczyński told PAP Biznes. Currently, analyzes are underway as to what the next stage in the company's development may be.

“In general, we believe that a possible listing on the stock exchange is a natural direction of development for all our portfolio companies. As companies grow, the stock exchange is – not only in Poland but also in the world – this stage. WB Electronics has achieved enormous success in recent years, the company has scaled brilliantly and work is actually being carried out on what the next stage in the development of this company may be and whether it will perhaps be a listing on the Warsaw Stock Exchange,” Raczyński told PAP Biznes.

“If this happens, it will of course be a joint decision of the three shareholders of this company. We generally look favorably on the direction of the stock exchange, but as I said, it will be a joint decision that has not yet been made today, because it actually requires finalization at the level of arrangements between the three shareholders, who, however, understand that this may be the next stage of development for the company,” he added.

When asked whether the company's possible listing on the stock exchange was a matter of next year, the vice-president of PFR said: “IPO processes take a while (…) usually from 12 to 18 months. So I assume that if such decisions were made, we are talking about the end of 2026 or the beginning of the next year.”

“I think that shareholders will make a decision in the coming months about the next direction for the company and by adding the 12-18 months I mentioned, we get the date when the company could be listed on the stock exchange,” he added.

The president and significant shareholder of WB Electronics, Piotr Wojciechowski, informed PAP Biznes on Thursday that the company is considering an initial public offering (IPO) as one of its development scenarios, but due to the fact that it has significant financial resources, it does not feel time pressure. He emphasized that a possible IPO “does not have to” take place already in 2026.

Earlier, the “Parkiet” newspaper reported, citing unofficial information from the market, that WB Electronics has recently been holding regular meetings with investment companies and law firms that could possibly participate in the IPO process. According to the newspaper, in an optimistic scenario, assuming further development of the company and new contracts, the company's valuation could reach “high” several billion zlotys, even over PLN 20 billion.

WB Group is the largest Polish manufacturer offering communication and command technologies and advanced solutions for the armed forces. Its revenues in 2024 increased to PLN 2,958.5 million from PLN 1,432.6 million a year earlier.

Patrycja Sikora (PAP Biznes)

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