Wirtualna Polska gains 10% on IPO debut
PR dla Zagranicy
John Beauchamp
08.05.2015 17:52
The share price of one of Poland’s largest web portals, Grupa Wirtualna Polska, rose by 10 percent on its first day of trading, Thursday, to land in at PLN 35, up from PLN 32.
Wirtualna Polska CEO Jacek Świderski during the market debut on the WSE, 07.05.2015 Photo: PAP/Paweł Supernak
Grupa Wirtualna Polska was formed in February 2014 as the result of a merger between Wirtualna Polska and o2, with funding from Innova Capital.
Grupa Wirtualna Polska’s CEO, Jacek Świderski said that the money gained from the initial public offering (IPO) would be set aside for new investments.
“First and foremost we want to carry on with plans we put into motion last year, and we’ll spend close to PLN 70 million, and we intend to spend a similar amount this year,” Świderski said.
“We have gained almost PLN 100 million from the bourse to strengthen Wirtualna Polska’s position and to determine who’s number one on the Polish internet,” he added.
However, Świderski did not mention what investments the company plans on undertaking this year.
The IPO took in a 3.34 million share issue with the sale of a further 5.85 million shares by European Media Holding, controlled by Innova Capital. Over 7,000 private investors and 347 institutional investors snapped the shares, with the offer valued at PLN 294.2 million.
Grupa Wirtualna Polska is the seventh company to go public on the Warsaw Stock Exchange this year and is the 474th company listed on the bourse. (jb)
Source: PAP