Warsaw (Puls Biznesu) – The Austrian company had a good IPO in Poland.
On Friday, Warimpex, the Austrian owner of a hotel network, traded in Vienna at EUR 13 a share, or 18.2 percent above the issue price. Yesterday in Warsaw the stock cost PLN 59 (EUR 14.9), or 11.42 percent above the issue price.
“We were delayed in comparison to Vienna but it is a very good IPO concerning the issue price”, Zbigniew Betlewski, Amerbrokers analyst commented.
He added, however, that Polish investors were not properly looked after.
“The issue prospectus was available in English only and the Polish summary was only 12 pages long. Besides, subscription for Poles closed earlier then in Austria. In the future, foreign companies should try harder”, the analyst evaluated.
Warimpex has raised EUR 60m from the IPO. The funds will be spent for 10 hotel projects. 80 percent of them will be constructed in Poland. Yesterday, the stock closed at PLN 56, or 5.76 percent up.
(PLN 1 = EUR 0.254)