One company has postponed its stock market listing, others are drastically reducing their issue prices – these are the consequences for the Polish capital market of the fallout created by Italy's deteriorating financial situation.

On Wednesday, for example, ViOil Holding, Ukrainian's biggest producer and exporter of sunflower oil, decided to postpone its initial public offering on the Warsaw Stock Exchange. The company explained that the reason for doing so was that conditions on the market were so difficult, Puls Biznesu reported. The firm has not provided a new schedule for its WSE debut.

Voxel, a network of medical diagnostic centers, is another victim of the recent turmoil. "On Wednesday we were supposed to close subscriptions for shares. Suddenly, we found ourselves in the middle of a storm, and for this reason we decided to wait until next Monday," Jacek Liszka, CEO of Voxel, told Puls Biznesu. The company hopes to raise zł.30 million on its NewConnect debut.

According to experts, the problems of the eurozone countries are not the only cause of these difficulties. "We must not forget that there is a rush of Ukrainian offers on the WSE. With so many companies, chances for failure are rising. Hence, greater caution can be seen among investors," said Michał Szymański from Money Makers, an investment management firm.

Analysts also point out that the holiday period is not the best time for a share issue. On the other hand, companies did not have much choice as May was dominated by the debut of bank BGŻ, and in June all eyes were on the IPO of coal miner Jastrzębska Spółka Węglowa.

Poland AM