Konsorcjum Stali steel distributor delays its debut

13-11-2007, 10:45

Warsaw (Puls Biznesu) – The Warsaw steel distributor got scared of listed companies. In a week’s time, it will decide if  and when it will be listed.

Yesterday was the deadline for Konsorcjum Stali steel distributor to close its book building and announce the issue price. At first, the company planned to sell the stock at PLN 105 (EUR 28.8) each. Poor market made it lower the price to PLN 50-65. This was still too small an incentive for investors, however.

“We asked the Commission of Financial Supervision to delay the book building and issue announcement by one week. We will watch the market”, Robert Wojdyna, Konsorcjum Stali CEO said.

The company will decide whether to sell its shares on the WSE and how much they will cost.

The company planned to raise nearly PLN 100m for the merger with Bodeko steel distributor and for investments in new units. It was supposed to have its debut on November 21st. Analysts are not surprised.

“I’m not surprised with Konsorcjum Stali decision. With the present market situation it’s a good decision. We had several consecutive days of decreases. Companies will delay or cancel debuts more and more often. And the queue of companies waiting for listing is very long”, Marcin Sojka, PKO BP analyst commented.

(PLN 1 = EUR 0.274)

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