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Praxeological dilemmas of public offers and IPO market on the Warsaw Stock Exchange

100%
Podedworna-Tarnowska D.
Prakseologia i Zarządzanie. Zeszyty Naukowe Towarzystwa Naukowego Prakseologii
|
2023
|
issue 1
40-57
EN
For several years, there has been witnessed an adverse trend of a decrease in initial public offerings and an increase in the number of companies leaving the trading floor of the Warsaw Stock Exchange. At the same time, there have been numerous changes in the understanding of a public offering since the foundation of the WSE. The purpose of this article is a praxeological analysis of the evolution of the definition of a public offering in the context of companies going public and the trends in this area occurring on the Warsaw Stock Exchange.
2
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Cena emisyjna w pierwszej ofercie publicznej a przyczyny wykluczenia spółki z NewConnect

88%
Frydrych S.
Finanse i Prawo Finansowe
|
2022
|
vol. 4
|
issue 36
23-37
EN
The purpose of the article. The subject of this article is the analysis of the change in the share price on the day of the company's debut on the NewConnect market due to the reasons for its exclusion from trading. The analysis was carried out for all companies debuting on NewConnect in 2007–2020. The results are presented depending on the share issue price. The paper hypothesized that companies whose share issue price was incorrectly estimated, which means overvalued or undervalued IPO, are more often withdrawn from the NewConnect market. Methodology. The research was carried out using the analysis of source data. In the research process, the author used, in addition to the analysis of the literature, the method of observation. Results of the research. As a result of the research, it was found that 39.84% of companies that debuted on the NewConnect market in 2007–2020 were excluded from trading. 56.28% of the withdrawn companies were forcibly excluded. On the other hand, 108 companies were withdrawn from trading voluntarily, and the prevailing premise in this group of entities was the transfer of the company to the WSE Main Market. Voluntary reasons prevail among entities withdrawn from trading, whose shares had an issue price of PLN 5 and higher. On the other hand, in the group of "penny" companies, the main reason for delisting is the safety of trading and liquidation bankruptcy. An increase in the share price on the debut day was recorded in 69.64% of entities withdrawn from NewConnect. The adopted hypothesis was positively verified. Companies whose share issue price was not properly estimated were withdrawn from the NewConnect market more often than entities whose securities price did not change on the day of their debut. The level of withdrawn companies whose IPO was overvalued and undervalued is similar. The conducted research proves that among overvalued initial public offerings, the share of voluntary reasons for withdrawal prevails, while among undervalued ones there is a higher share of forcibly excluded entities. However, the amount of the issue price according to the ranges adopted in the study does not constitute a premise for the withdrawal of companies from the NewConnect market.
3
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Premia w wezwaniach na akcje na rynku kapitałowym w Polsce

87%
Gemra K., Rogowski W.
Kwartalnik Nauk o Przedsiębiorstwie
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2020
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vol. 55
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issue 2
54-63
EN
Recent years on the Polish capital market has been difficult for investors. More companies are subject to the delisting procedure than new ones appear under the IPO. Delisting often takes place in conjunction with a takeover of a company and an announcement of a tender offer for all its shares. The aim of the article is to characterise the processes of tender offers for the shares of companies listed on the Warsaw Stock Exchange and to examine the level of price premiums offered to shareholders. This aim will be achieved by analysing the secondary data for tender offer transactions on the Warsaw Stock Exchange in the years 2016-2018. The article presents the main hypothesis: the control premium paid by the inviting entity during the examined period was over 25% of the average share price for the last six months preceding the tender offer. After the analysis, it turned out that the hypothesis was verified negatively, because in one third of the examined cases the premium was below one percent in relation to the examined average preceding the tender offer. The lack of premium may be caused by the weakness of the domestic market, visible in the absence of capital inflow, which makes tender offers an opportunity to remodel the investment portfolio.
PL
Ostatnie lata na polskim rynku kapitałowym to trudny czas dla inwestorów.  Więcej spółek podlega procedurze delistingu, niż pojawia się nowych w ramach prowadzonych IPO. Często delisting odbywa się w związku z przejęciem przedsiębiorstwa i ogłoszeniem wezwania na wszystkie jego akcje. Celem artykułu jest charakterystyka procesów wezwań na akcje spółek notowanych na GPW w Warszawie oraz zbadanie poziomu premii cenowych oferowanych akcjonariuszom. Cel ten zostanie zrealizowany poprzez analizę danych wtórnych przy transakcjach wezwań na akcje w latach 2016-2018 na GPW. W artykule postawiono hipotezę główną: premia za kontrolę płacona przez podmiot wzywający w badanym okresie wynosiła ponad 25 proc. średniej ceny z sześciomiesięcznych notowań akcji poprzedzających ogłoszenie wezwania. Po przeprowadzeniu analizy okazuje się, że postawiona hipoteza została zweryfikowana negatywnie, ponieważ w jednej trzeciej badanych przypadków premia wyniosła poniżej jednego procenta w stosunku do badanej średniej poprzedzającej wezwanie. Za brak premii może odpowiadać słabość rodzimego rynku, widoczna w braku napływu kapitału, przez co wezwania są szansą na przemodelowanie portfela inwestycyjnego.
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