Shares of state-owned real estate holding Polski Holding Nieruchomości (PHN) were trading at zł.23.62 at 4:30 pm CET, marking a gain of 7.36 percent over the debut price of zł.22 during their first day of trade on the Warsaw Stock Exchange. With the WSE closing at 5:45 pm, PHN shares were expected to end their highly anticipated IPO day with a gain.
Poland's Treasury Ministry sold a 25 percent stake in the IPO, and plans to sell a controlling stake to a strategic investor by the end of the year.
In the first nine months of 2012, PHN recorded a net loss of zł.142.9 million, compared to a loss of zł.158.5 million for the whole 2011. The company estimates its net value of assets at zł.1.75 billion zloty.
The firm is the 439th to be listed on the Warsaw Stock Exchange and is the second debutant on the bourse's main market in 2013.
From Warsaw Business Journal
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