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Gorenje flops on WSE debut

31st December 2013
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Household appliances producer Gorenje debuted on the stock exchange on December 30, with 22,104,427 shares, opening at zł.16.8, some 7 percent below the issue price.
The shares closed at zł.16.71 after the first day of trading, a drop of just over 8 percent.
During the WSE debut, Gorenje's CEO Franjo Bobinac also revealed the firm's expansion plans.
“We are Slovenia's biggest exporter and we are planning on strengthening our international presence. We want to increase our market share on the Polish market to 5 percent, from the current 3 percent,” Mr Bobinac said.
Ahead of the bourse debut, the company raised its capital in two phases. The first phase involved Japanese electronics producer Panasonic purchasing €10 million worth of newly issued Gorenje shares.
The second stage was aimed at Slovenian and Polish investors. The company had offered 10,440,935 shares but managed to sell only 3,877,365 of them at €4.31 apiece. The company raised a total of €16.71 million on the issue, €6.17 million from subscriptions by Slovenian investors and €10.55 million from Polish investors.

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