Shares in Poland's fourth-largest utility Energa dropped by over 3 percent upon opening on their first day of trading on the Warsaw Stock Exchange on Wednesday, with trade volume at a high level. The stocks closed at z³.16.09 compared to their reference price of z³.17 apiece.
Miros³aw Saj, an analyst from BM BGŻ told the Polish Press Agency that the decline was probably the result of Energa employees selling their shares right after the debut. There was no lock-up on employee shares, he added.
Energa's IPO was worth z³.2.4 billion, making it the largest on the Warsaw bourse in two years. The State Treasury sold a 34.18 percent stake in the company in the offering.
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