JSW’s market debut is the biggest this year, with the company’s IPO valued at some 5.4 billion zloty (1.4 billion euro) for 33.1 percent of JSW’s capital. The total value of all shares in the coal giant reaches some 14.8 billion zloty (3.7 billion euro), however.
The IPO reached some 168,000 individual subscribers with around 200 firms signing on at a price of 136 zloty per share before floating on Wednesday morning.
The head of the Warsaw Stock Exchange, Ludwig Sobolewski said on opening that he is “counting on” the JSW entering the WIG-20 blue-chip bourse by the end of the year.
Treasury and Economy Ministers, Aleksander Grad and Waldemar Pawlak respectively, were present at the opening this morning.
“The debut of JSW shows just how strong Poland’s economy is, and how […] the Warsaw Stock Exchange is a leader in the Central and Eastern European region,” Grad said.
The privatisation of JSW is expected to bring in much-needed revenue to the state coffers – around 6 billion zloty (1.5 billion euro), although the company is to remain under majority state control comprising a 50 percent stake plus one share.
Before the privatisation could go ahead, demands from trade unions called for higher wages, employment guarantees, as well as the continuation of state control of the plant.
Most of the demands were met, with a 10-year guarantee on employment, as well as the issuing of an average 31 shares to every worker, with retired employees receiving around 20 shares.
The IPO reached some 168,000 individual subscribers with around 200 firms signing on at a price of 136 zloty per share before floating on Wednesday morning.
The head of the Warsaw Stock Exchange, Ludwig Sobolewski said on opening that he is “counting on” the JSW entering the WIG-20 blue-chip bourse by the end of the year.
Treasury and Economy Ministers, Aleksander Grad and Waldemar Pawlak respectively, were present at the opening this morning.
“The debut of JSW shows just how strong Poland’s economy is, and how […] the Warsaw Stock Exchange is a leader in the Central and Eastern European region,” Grad said.
Before the privatisation could go ahead, demands from trade unions called for higher wages, employment guarantees, as well as the continuation of state control of the plant.
Most of the demands were met, with a 10-year guarantee on employment, as well as the issuing of an average 31 shares to every worker, with retired employees receiving around 20 shares.
