Listing

Listing encompasses admission and introduction to exchange trading and listing of securities on the markets organized and operated by the Group.

WSE ended the year 2011 with 777 companies listed in aggregate on the Main Market and in the alternative trading system NewConnect. The total number of 210 new listings on both markets (including 6 companies transferred from NewConnect to the Main Market) gave WSE the first rank in Europe and a top position globally. WSE also ranked third amongst the most important European markets in terms of the value of IPOs in the annual PricewaterhouseCoopers IPO Watch Europe report. During three years from 2008 to 2010, WSE represented from 8.3% to 22.4% of the annual IPO values on the surveyed markets.

Value of IPOs on WSE markets and share among the main national markets in Europe
  Year ended December 31,
  2011 2010 2009 2008
IPO value (EUR million)
2,199 3,809 1,594 2,502
WSE’s market share 1
8.3% 14.5% 22.4% 17.9%

Source: PricewaterhouseCoopers IPO Watch Europe;

1 PwC IPO Watch Europe report covers the national exchanges in Austria, Belgium, Denmark, France, Germany, Greece, the Netherlands, Ireland, Luxembourg, Norway, Poland, Portugal, Spain, Sweden, Switzerland and the UK.

In 2011, the number of IPOs on the Main Market amounted to 38 and was higher by 11.8% than the number of IPOs in 2010. In view of more favourable conditions on the global financial markets in Q1 and Q2 2011, 65.8% of all IPOs (25 of all IPOs in 2011) on the Main Market took place in that period. As at December 31, 2011, the number of companies listed on the Main Market amounted to 426, including 39 foreign companies, and was higher by 6.5% than the number of companies as at the end of 2010.

Capitalization, number of IPOs and number of listed companies on the Main Market
  Year ended December 31,
  2011 2010 2009 2008 2007
Number of IPOs
38 34 13 33 81
Value of offerings (IPOs and SPOs, PLN billion)
12.0 38.0 26.8 11.4 23.6
Number of listed companies 426 400 379 374 351
Market capitalization (PLN billion)
642.9 796.5 715.8 465.1 1,080.3

Source: WSE

In 2011, the development of WSE was to a large extent enhanced by the sale of stakes held by State Treasury in enterprises combined with new listing on WSE.

Largest sales of State Treasury stakes combined with IPO on WSE in 2011
No. Company
Sector
Date Value (PLN mn)
1. JSW Commodities
July 2011 5,371
2. BGŻ Banking May 2011
312

Source: WSE

Thanks to WSE strategy, the share of foreign companies in the total number of new listings on the Main Market was the highest in history. In 2011, 12 foreign companies represented 31.6% of all new listings as compared to 14.7% in 2010. Among the 12 foreign companies newly listed on the WSE Main Market, 7 were single-listed and 5 were dual-listed.

Number of new listings on the Main Market by domestic and foreign companies
  Year ended December 31,
  2011 2010 2009 2008 2007
Number of new listings
38 34 13 33 81
of which: newly listed foreign companies
12 5 0 3 12
Share of companies in the number of new listings (%)
31.6 14.7 0 9.1 14.8

Source: WSE

In 2011, the growth strategy of NewConnect was further pursued. In 2011, NewConnect reported the highest number of new listings since the market opened in 2007, and ranked first in Europe by the number of IPOs among regulated and alternative markets covered by the PricewaterhouseCoopers IPO Watch Europe report.

In 2011, there were 172 new listings on NewConnect, double the number of new listings in 2010. The number of listed companies increased by 89.7%. The increase was reflected in the growth of market capitalization by 65.2% as compared to 2010. At the end of 2011, the NewConnect capitalization amounted to PLN 8,487 million and the number of companies listed on NewConnect amounted to 351 (including 7 foreign entities).

Capitalization, number of IPOs and number of listed companies on NewConnect
   Year ended December 31,
  2011 2010 2009 2008 2007
Number of IPOs
172 86 26 61 24
Value of offerings (IPOs and SPOs, PLN billion)
1.380 363 120 212 155
Number of listed companies
351 185 107 84 24
Market capitalization (PLN million)
8.487 5.138 2.554 1.437 1.185

Source: WSE

The debt instrument trading system Catalyst created in 2009 was an important driver of growth for the market of non-Treasury debt instruments in Poland in yet another year of its operation. The nominal value of non-Treasury debt instruments listed on Catalyst was PLN 40.0 billion at 2011 year-end, an increase of 85.8% compared to 2010 year-end. The number of non-Treasury issuers was 99 at 2011 year-end, 50 issuers more than at 2010 year-end. Catalyst listed 208 series of non-Treasury debt instruments at 2011 year-end, and another 22 series were authorised.1 Issuers whose instruments were listed at 2011 year-end included 11 local governments, 66 enterprises and 20 co-operative banks.

Including the State Treasury, the number of issuers on Catalyst was 100 at 2011 year-end and 50 at 2010 year-end. The total nominal value of non-Treasury and Treasury debt instruments listed on Catalyst was PLN 531.6 billion at 2011 year-end as compared to PLN 498.7 billion at 2010 year-end.

WSE is working to expand the range of instruments available on Catalyst. In November 2011, bonds issued by PKO Finance AB with a nominal value of EUR 800 million were newly listed on Catalyst as the first instrument in a foreign currency to be listed on Catalyst. Treasury BondSpot Poland, a market operated within WSE Group by BondSpot S.A., is an electronic wholesale market of trading in Treasury securities (Treasury bonds and bills). Treasury BondSpot Poland listed 26 series of Treasury bonds with a nominal value of PLN 490.6 billion and 4 series of Treasury bills with a total value of PLN 12.0 billion at 2011 year-end.

In addition, WSE is attracting issuers of structured products. In 2011, the number of ETFs listed on WSE increased from 1 and 3 and warrants were re-introduced to trading.

(1)Authorisation of bonds on Catalyst involves acceptance of the issuer’s disclosure obligations set out in the Catalyst Rules and registration of the issue in the Catalyst information system. Issuers whose issues have not yet been dematerialised may also apply for authorisation of the issue.