According to the latest quarterly PwC IPO Watch Europe report on the number and value of initial public offerings (IPOs) on the key European exchanges, the Warsaw Stock Exchange once again remained a European IPO leader. In Q3 2012, there were 26 IPOs on the WSE (including 2 IPOs on the Main Market and 24 IPOs on NewConnect), representing more than 46% of all IPOs on European markets.
By the value of IPOs in Q3 2012, the Warsaw Stock Exchange with EUR 14 million ranked #4 in Europe after the London Stock Exchange group (EUR 4.3 million), the Luxembourg Stock Exchange (EUR 54 million) and Deutsche Boerse (EUR 26 million).
Table 1. Number and value of IPOs on European exchanges in Q3 2012 (jointly alternative and regulated markets).
European IPO Market |
||
Q3 2012 |
||
Exchange |
Number of IPOs |
Value (EUR mn) |
WSE |
26 |
14 |
LSE Group |
17 |
4320 |
Deutsche Boerse |
5 |
26 |
Nasdaq OMX |
4 |
- |
Luxembourg |
2 |
54 |
NYSE Euronext |
1 |
3 |
Oslo |
1 |
- |
Switzerland |
1 |
- |
BME |
- |
- |
Source: PwC, IPO Watch Europe, Q3 2012 report
The number of IPOs on the WSE’s two markets decreased as compared to Q2 2012 (33 IPOs: 5 IPOs on the WSE’s Main Market and 28 IPOs on NewConnect) and to Q3 2011 (61 IPOs: 7 IPOs on the Main Market and 54 IPOs on NewConnect).
The total value of IPOs on the WSE in Q3 2012 (EUR 14 million) was lower than in Q2 2012 (EUR 50 million) and in Q3 2011 (EUR 1,464 million).
Table 2. Number and value of IPOs on European exchanges in Q3 2012 v. Q2 2012 and Q3 2011 (jointly alternative and regulated markets, ranked by the number of IPOs).
Q3 2012 |
Q2 2012 |
Q3 2011 |
||||||||
Exchange |
Number of IPOs |
Value (EUR mn) |
Exchange |
Number of IPOs |
Value (EUR mn) |
Exchange |
Number of IPOs |
Value (EUR mn) |
||
WSE |
26 |
14 |
WSE |
33 |
50 |
WSE |
61 |
1464 |
||
LSE Group |
17 |
4320 |
LSE Group |
21 |
487 |
LSE Group |
29 |
1169 |
||
Deutsche Boerse |
5 |
26 |
Deutsche Boerse |
12 |
35 |
NYSE Euronext |
8 |
65 |
||
Luxembourg |
4 |
- |
NYSE Euronext |
8 |
43 |
Deutsche Boerse |
5 |
315 |
||
Nasdaq OMX |
2 |
54 |
Nasdaq OMX |
2 |
- |
Nasdaq OMX |
4 |
60 |
||
NYSE Euronext |
1 |
3 |
Oslo |
2 |
61 |
Luxembourg |
4 |
136 |
||
Oslo |
1 |
- |
BME |
1 |
2 |
Oslo |
4 |
83 |
||
Switzerland |
1 |
- |
Luxembourg |
1 |
48 |
Spain (BME) |
6 |
6078 |
||
BME |
- |
- |
Switzerland |
1 |
- |
Switzerland |
- |
- |
Source: PwC, IPO Watch Europe, Q3 2012, Q2 2012, and Q3 2011 reports
The biggest IPO on the Warsaw Stock Exchange in July – September 2012 was the IPO of the Ukrainian transport company KDM Shipping on the Main Market worth EUR 6.2 million, followed by the IPOs of PCC Exol (EUR 3.0 million, other services sector) and Elemental Holding (EUR 2.6 million on NewConnect). The average IPO value on the WSE in Q3 2012 was EUR 0.7 million, as compared to EUR 1.8 million in Q2 2012.
The most active sector in Poland in terms of IPOs was the industrial products and services sector with 6 IPOs in Q3 2012, followed by the new technologies sector (5 IPOs) and the construction and construction materials sector (4 IPOs).