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WSE InfoSpace

How to put a company on the stock exchange

Way to enter the Warsaw Stock Exchange and NewConnect

How to check whether the company is ready to be made public

  • The adoption of the development strategy by the owners and the management company
  • Readiness audit and accounting law
  • Willingness to publish the good and bad news
  • cost of being a public company

How to contribute to the success of the IPO

The attractiveness of the company - Skillfully presented to the company, indicating the areas in which the company stand out. The company should explain the objectives, which is to serve and offer activities and priorities.

Competent and effective management - The quality of the management team is one of the most important criteria for evaluating the attractiveness of the company by investors. It should be in an optimal way to present market competence and effectiveness of the board.

financial history - presentation of financial data for the period of several years confirming the possibility of working out a profit and positive cash flow

An effective reporting system - the availability of different cross-sections showing a way of earning, profit margins and the exact cost structure. Reporting method should clearly have different cross-sections of revenues and expenses by business lines.

good practices corporate- compliance with international market practices in the management and provision of information determines the quality of the company.

What most investors express reservations:

  • little convincing equity story - the lack of a coherent vision of a marketing offer;
  • few promising prospects in the eyes of financial investors;
  • Differences of view on the valuation of the company between the owners and potential investors;
  • insufficient experience of management in the eyes of investors;
  • unavailability of appropriate audited historical financial information;
  • complex financial history - the lack of adequate additional financial information;
  • The complex structure of the group - legal and tax;
  • problems in the field of corporate governance;
  • significant transactions with related parties;
  • insufficient working capital;
  • inappropriate or ineffective reporting and control systems (financial and non-financial);
  • no change in the organizational culture;
  • the wrong or inexperienced adviser;
  • poor project management

How much money can be recovered in the course of the IPO? That was the question we all ask themselves Issuers owners and presidents. In this case, it depends on the size and attractiveness of the issuer. You should also rely on historical data IPOs and market situation.

The number of new listings of domestic companies with an offer of shares and the average size of deals million zł on the main market of the Warsaw Stock Exchange on the basis of the size of assets or revenue in the years 2003-2011

 

The costs of the IPO are for many, especially small companies, one of the most important disincentives to conduct a public offering.

Practice confirms that a decisive impact on the cost of the IPO is the percentage value of the offer. In the case of the smallest IPO on the main market, with a value of less than 50 million zł, the share of costs than 6% in terms of costs debut on the NewConnect market are lower than on the main market, but in the case of foreign companies is much higher.

Costs on NewConnect are:

  • remuneration Authorized Adviser
  • audit accountant
  • legal audit (recommended)
  • animator
  • promotion costs,
  • administrative fees,

Investment decisions, institutional investors and individual, take after analysis of the company, which includes the valuation, the history and development prospects. Institutional investors typically have a longer investment horizon than individual investors.

Among the most popular methods of valuation are comparative methods (multiplier) using share prices of companies with comparable sectors and income methods.

Generally, the IPO discount is applied compared to their expected value on the market debut. Discounting is a specific remuneration for the investor submitting a subscription rookie, compensating somewhat the risk associated with the purchase of shares and the costs arising eg. The financing of the purchase of credit. This phenomenon is illustrated by way of shaping the company's share price after its debut.

NewConnect has a higher risk than the main market, which is reflected in the rate of return obtained from companies debuting on the market. The rates of return at the close of the first trading day varied from year 2013 as follows:

What share of the shares should be offered?

The choice of the number of shares is the result of the assessment of how many shares existing shareholders are willing to sell and the amount of money needed to finance the strategy.

With this calculation must take into account the liquidity of the shares on the stock exchange, the dispersion of shareholders and big enough package of shares subject to the offer so that shareholders can efficiently buy and sell stocks.

Each case is individual, however, most sold in the IPO is to 20 30% acacia.

The tasks of the parties involved in the IPO process

 

Prospectus and the Information Document

For the regulated market and public offerings is required Prospectus. The contents of the prospectus and the rules of its preparation are specifically defined by the EU regulations, in particular the so-called. Prospectus Regulation (809 / 2004).

On the NewConnect market in the private offer is valid Information Document, the content of which is described in Annex 1 to the ATS Rules

A sample schedule for the IPO process on the main market

 

Obligations Information on the main market and NewConnect

 

 

 

 

KP Dragon Index

# Company Code Sector shares Outstanding Loc. FX price Market capitalization Weight free float free float
Weight (%)
Local ($) (Local m) ($ M) (%) ($ M)
1 Astarta Holding AST PW Food & Agriculture (Sugar) 25,000,000 PLN 457.4 17.55 1,650 438.6 7.54% 36.21% 158.8 8.11%
2 Centrenergo CEEN Utilities (Electricity Generation) 369,407,108 UAH 10.59 0.41 3,912 150.1 2.58% 21.70% 32.56 1.66%
3 DUPD DUPD LN Construction & Real Estate (Development) 109,361,515 GBP 4.69 0.18 15.45 19.65 0.34% 53.10% 10.44 0.53%
4 Ferrexpo FXPO LN Metals & Mining (Iron Ore) 588,624,142 GBP 62.42 2.39 1,108 1,409 24.23% 25.90% 365.0 18.64%
5 Industrial Milk Company IMC PM Food & Agriculture (Crop growing) 31,300,000 PLN 74.86 2.87 338.0 89.88 1.55% 26.74% 24.03 1.23%
6 JKX Oil & Gas JKX LN Oil & Gas 171,723,145 GBP 6.72 0.26 34.77 44.24 0.76% 22.35% 9.89 0.50%
7 kernel Holding KER PW Food & Agriculture (sunflower oil) 80,701,230 PLN 454.7 17.44 5,294 1,408 24.20% 61.16% 860.9 43.95%
8 MHP MHPC LI Food & Agriculture (Poultry) 106,781,794 USD 254.7 9.77 1,043 1,043 17.94% 36.60% 381.8 19.49%
9 Motor Sich MSICH Manufacturing (Aircraft engines) 2,077,990 UAH 2,648 101.6 5,503 211.1 3.63% 19.06% 40.23 2.05%
10 Ovostar Union OVO PW Food & Agriculture (Eggs) 6,000,000 PLN 887.2 34.03 768.0 204.2 3.51% 29.76% 60.77 3.10%
11 Raiffeisen Bank Aval Bavla Financials (Banking) 61,495,162,580 UAH 0.23 0.009 14,138 542.3 9.32% 1.70% 9.22 0.47%
12 Ukrnafta UNAF Oil & Gas 54,228,510 UAH 123.2 4.73 6,681 256.3 4.41% 2.00% 5.13 0.26%
  Total or Average             5,817 100% 33.68% 1,959 100%

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