Eurofaktor, Poland's biggest non-banking factoring company, had a successful debut on the Warsaw stock exchange yesterday. Right from the start, it rose 3.1 per cent higher than the issue price as its shares were traded at ZL18.55 a piece.
"It was a good opening. Such a warm welcome by the stock market paves the way for other factoring companies to enter the bourse," said Eurofaktor's president, Bogdan Fiszer.
Eurofaktor's performance is even more impressive when one considers the timing of the initial public offer, given the current reluctance of most investors to purchase newly issued shares. The company managed to attract their attention, however, by increasing its net profit forecast from ZL4.3m to ZL5.1m.
Eurofaktor's bourse debut was the 36th this year. According to the president of the stock exchange, Wieslaw Rozlucki, the Warsaw bourse is second only to the stock market in London as far as the number of debuts is concerned.
