The activity of foreign issuers on the alternative share market of the Warsaw Stock Exchange
Journal Title: Zarządzanie i Finanse - Year 2013, Vol 11, Issue 2
Abstract
Formed in August 2007 by the Warsaw Stock Exchange, NewConnect is intended for equity securities. It is a non-regulated market operating on the formula of the alternative trading system next to the main trading floor of the Warsaw Stock Exchange. According to the organizer, NewConnect is to be a source of financing for the development of companies of a relatively short activity record, particularly those belonging to the small and medium-sized enterprises sector representing innovative industries, with good growth prospects for the future transfer to the main market of the stock exchange. The issuer profile thus specified determines the minimization of the requirements for débutantes and listed companies. NewConnect is also accessible for foreign companies. Despite the same access criteria and the conditions for listing participation for entities based out-side Poland as for domestic issuers, the market does not court popularity among foreign companies. According to the data of 15 May 2013, NewConnect recorded values of only eight foreign issuers. Among these, the most widely represented country is the Czech Republic (4 companies). Other issuers are from Ukraine, Bulgaria, Switzerland and the United Kingdom. This article analyses the activities of foreign issuers on NewConnect, their capital accumulation and the rates of return earned by investment in the shares of these companies, as well as reviews the methods of communication between the investors and the foreign companies. The analysis utilizes the statistics published by the WSE, the data on the conducted offers and débuts, and the websites of the surveyed companies.
Authors and Affiliations
Magdalena Mosionek-Schweda
Keywords
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- EP ID EP94137
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