Warsaw Stock Exchange

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Giełda Papierów Wartościowych w Warszawie SA

logo
legal form Spółka akcyjna
ISIN PLGPW0000017
founding April 12, 1991
Seat Warsaw , Poland
Branch Stock exchanges & banks
Website www.gpw.pl

Warsaw Stock Exchange building

The Warsaw Stock Exchange ( Polish : Giełda Papierów Wartościowych w Warszawie , GPW) is the Polish stock exchange based in Warsaw . The stock exchange is operated by Giełda Papierów Wartościowych w Warszawie SA

history

The first stock exchange in Warsaw was established on March 21, 1817. In the second half of the 19th century, an important share trade developed here. In the inter-war period there were other stock exchanges in other Polish cities ( Katowice , Krakow , Lemberg , Łódź , Poznan and Vilnius ), but at that time 90% of Polish trading volume was processed through the Warsaw Stock Exchange. After the German invasion of Poland , the stock exchange was closed in 1939 and remained out of service until the end of the People's Republic of Poland .

The stock exchange was reopened on April 16, 1991. The seat was the former building of the Polish United Workers' Party . Wiesław Rozłucki became chairman of the board and five companies were listed on the first day of trading. In 1998, 138 companies were listed.

Timetable

  • April 16, 1991: First trading day after the political change in Poland . Five companies made their debut on the Warsaw Stock Exchange: Exbud, Kable, Krosno, Prochnik and Tonsil.
  • October 3, 1994: Trading takes place five days a week.
  • May 21, 1997: The 100th company goes to the GPW.
  • January 11, 1999: The 200th company goes to the GPW.
  • November 17, 2000: The WARSET trading system is introduced.
  • October 14, 2003: Bank Austria Creditanstalt (BACA) is the first foreign company to be listed on the Warsaw Stock Exchange.
  • July 28, 2005: The WIG share index exceeds 30,000 points for the first time.
  • February 27, 2006: The WIG share index exceeds 40,000 points for the first time.
  • November 29, 2006: The WIG share index exceeds 50,000 points for the first time.

ladder

present

The Warsaw Stock Exchange is one of the fastest growing stock exchanges in the world. It is one of the largest stock exchanges in Eastern Central Europe and caught up with the Vienna Stock Exchange in terms of market capitalization in 2004 . The rapid development of GPW since 2002/03 is based on consistently high economic growth (5.3% and 3.3% in 2004 and 2005), Poland's accession to the EU and a high number of privatizations on the stock exchange in the last few years Years. In 2004, 36 IPOs with a volume of 8.34 billion euros took place on the stock exchange - including four foreign companies - and in terms of the number of IPOs, GPW was second in Europe after the London Stock Exchange . In the following year there were 35 IPOs - including two foreign companies - and GPW reached number three in Europe. The largest IPO was that of the bank PKO BP SA in autumn 2004, which was the second largest IPO in Europe in 2004 with a volume of 1.78 billion euros. In the next few years, too, there are several large privatizations of large state-owned companies, such as the Polish state railways PKP , the Polish Post Poczta Polska SA and the stock exchange operator GPW SA itself. In addition, more and more Polish and foreign private companies are striving to be listed on the GPW.

The investors are just as international as the issuers . It is made up of roughly one third each from Polish private investors, Polish institutional investors and foreign investors. The main indices, the WIG ( Warszawski Indeks Giełdowy ) and the WIG 20 , rose in 2004 by 27.98% and 24.56% respectively and in 2005 by about 36% respectively, reaching new ones on December 27, 2005 with over 35,000 and 2,700 points respectively Record highs. In 2005, the listed companies paid dividends of around 8 billion Polish zlotys on an annual turnover of almost 200 billion. The market capitalization at the end of 2004 was 214.3 billion zloty and at the end of 2005 311 billion zloty, which corresponds to a third of the gross domestic product .

At the end of 2009, various international stock exchange operators were interested in taking over the Warsaw Stock Exchange, including Deutsche Börse AG. On November 9, 2010, the Warsaw Stock Exchange went public . The Polish government sold 64 percent of the shares and earned around 300 million euros. The papers were oversubscribed 25 times.

The WIG30 index was introduced on September 23, 2013 and is intended to replace the WIG 20 index by the end of 2015 . December 23, 2012, with 2582.98 points, was taken as the reference date for determining the base value.

Stock indices

  • TIG
  • WIG20
  • WIG30
  • mWIG 40
  • sWIG 80
  • TIG BANKI
  • TIG BUDOW
  • TIG CHEMIA
  • TIG DEWEL
  • TIG ENERG
  • TIG INFO
  • TIG MEDIA
  • TIG-PALIWA
  • TIG-PL
  • TIG-SPOZYW
  • TIG-SUROWCE
  • TIG TELCOM

Number of IPOs

  • 2004: 36
  • 2005: 35
  • 2006: 38
  • 2007: 105
  • 2008: 93
  • 2009: 38
  • 2010: 110
  • 2011: 198

Number of IPOs by foreign companies

  • 2003: 1
  • 2004: 3
  • 2005: 2
  • 2006: 6
  • 2007: 12
  • 2008: 4th
  • 2009: 0
  • 2010: 0
  • 2011: 6

Seat

The old stock exchange was located in the Saxon Palace from 1817 to 1828 , then in the building of the Polish Bank and from 1877 in a separate building in the Saxon Garden . In the 1990s, the stock exchange was housed in the former headquarters of the United Workers' Party until it finally moved to a new building on Książęca Street (near Plac Trzech Krzyży ), designed by the architectural firm AMC - Andrzej M. Chołdzyński .

President

New Connect

New Connect logo

Since August 30, 2007, the Warsaw Stock Exchange has been operating another trading platform - New Connect, which is aimed at small, young, dynamically developing companies, e.g. B. from the high-tech industry, who do not want to raise more than 5 million euros through their IPO. New Connect is based on the Alternative Investment Market in London, on First North as part of the Scandinavian stock exchange group OMX and on Deutsche Börse - Entry Standard . A private offer ( private placement ) can be addressed to a maximum of 99 private and institutional investors and only requires a simple information document that has to be confirmed by an authorized advisor. The stock exchange determines who is authorized to conduct these consultations. The preparation of an initial public offering (IPO) of New Connect should only take 2 to 3 months (with an issue value of less than 2.5 million euros even only 5 days), while an IPO on the Warsaw Stock Exchange should take 6 to 9 months. The issue costs are estimated to be 5 to 7% of the issue value. Companies listed on the New Connect do not have to report quarterly, but only twice a year or annually. The quotations are made via the WARSET trading system daily from 10 a.m. to 2 p.m. The session on the Warsaw Stock Exchange lasts from 9 a.m. to 4.30 p.m.

Summary 2007

From August 30, 2007 to December 31, 2007, New Connect had 24 IPOs. The value of their offers totaled PLN 150 million. The leading company was LUG (20.5 million PLN) followed by 5 AGs with 10 million PLN each: Stark Development, Inwest Connect, Mera Schody, WDM and MW Trade. In contrast, the music retailer e-muzyka only brought shares for 1.6 million zloty on the market during its IPO.

Number of IPOs on New Connect

  • 2007: 24
  • 2008: 80 (forecast)

References

Web links

Commons : Warsaw Stock Exchange  - Collection of images, videos and audio files

Footnotes

  1. ^ Andrzej Chwalba: Brief history of the Third Polish Republic. Wiesbaden 2010, pp. 75-76
  2. ↑ Deutsche Börse confirms interest in Warsaw Stock Exchange .
  3. ↑ Warsaw Stock Exchange is growing enormously at the start. Handelsblatt.com, November 9, 2010
  4. ↑ Akcje GPW dały zarobić 18 proc. na debiucie . Gazeta Wyborcza, November 9, 2010
  5. ↑ Warsaw Stock Exchange introduces new stock index . In: Wirtschaftsblatt . September 23, 2013 ( HTML ( December 9, 2014 memento in the Internet Archive ) [accessed December 11, 2013]).
  6. ^ Adam Easton: Poland: goodbye Wig20, hello Wig30 . In: Financial Times . August 6, 2013 ( HTML [accessed December 11, 2013]).
  7. ↑ WIG30 Companies. Warsaw Stock Exchange, accessed December 11, 2013 .

Coordinates: 52 ° 13 ′ 49 ″  N , 21 ° 1 ′ 24.5 ″  E