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Trends in Underpricing of Private Equity Backed IPO at the Capital Market in Poland in the Years 2000–2018

100%
Zasępa P.
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia
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2019
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vol. 53
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issue 4
EN
The global economy is distinguished by the dynamic development of financial markets and with it creating a new specific segments of the market. One of them is the market for venture capital and private equity funds, which is developing very dynamically for more than 50 years. This article aims to analyze the level of underestimation of the IPO on the Warsaw Stock Exchange companies supplied by venture capital and private equity funds. Analyzing the rates of return of 54 companies supplied with VC funds and 453 companies which do not have the support of venture capital funds in the 2000–1018 period, it should be stated that traditional companies reached the lower level of underestimation. For companies a broad market level underestimation of the IPO was 9.99% and for companies with VC/PE support – 9.12%.
2
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What Determines the Success of an IPO? Analysis of IPO Underpricing on the Warsaw Stock Exchange

71%
Małachowski P., Gadowska dos Santos D.
Central European Economic Journal
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2021
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vol. 8
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issue 55
EN
This article aimed to analyse the factors that influence the level of underpricing of an initial public offering (IPO) on the Warsaw Stock Exchange (WSE), based on the example of 101 companies debuting on the main market between 2010 and 2019. We discuss the theories that explain IPO underpricing and the research conducted so far on the Polish market. In the main part of the article, we present the results of our study aimed at identifying and characterising the hitherto-unrecognised factors determining IPO underpricing, which is a contribution to the current research on WSE trends. Our findings point to three variables that influence the level of underpricing: the involvement of private equity or venture capital funds in the transaction, the rate of return of the WSE Index in the 6 months before the IPO, and the amount of capital offered during the debut.
3
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Rynek pierwszych ofert sprzedaży akcji na NewConnect – wybrane zagadnienia

62%
Gemzik-Salwach A., Perz P.
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia
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2013
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vol. 47
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issue 3
EN
The paper discusses IPO activity on alternative investment market in Poland (NewConnect) between 2007 and 2012. In particular, attention was drawn to the phenomenon known in the literature as IPO underpricing. The phenomenon can be observed for many years on most stock markets in the world. The study reveals significant average first day positive initial return of 42.5% for 439 IPOs on polish alternative investment market (NewConnect) included in the study. It has been observed that the rate of return on this strategy were significantly higher than for IPOs on Warsaw Stock Exchange, where for a  group of 173 companies average rate of return was 9.0%.
PL
Artykuł nie zawiera abstraktu w języku polskim
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