Shares of state-owned real estate holding Polski Holding Nieruchomości (PHN) finished their IPO day at zł.23.60, marking a gain of 7.27 percent over the debut price of zł.22.
For the week, PHN shares finished up 8.09 percent at zł.23.78.

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.

“It was a very good debut,” Maciej Wewiórski, an analyst from brokerage IDMSA was quoted as saying by Dziennik Gazeta Prawna. He noted that the ratio of price to book value shows growth potential.

The price might have benefited from a statement by Deputy Minister of Treasury Paweł Tamborski, who said that if needed, the Treasury could sell all of its assets to a potential strategic investor (previously it wanted to keep as much as 20-25 percent of the PHN stock). “That could mean that the company could find a strategic investor with a plan to expand, which helped the stock,” added Mr Wewiórski.

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 złoty.

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.

Jacek Ciesnowski