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Warsaw Stock Exchange publishes first edition of the Transaction Barometer

The Warsaw Stock Exchange (WSE) has published the first edition of the WSE Transaction Barometer, covering the period from January to April 2026. During this time, capital market transactions worth PLN 4 billion were executed across WSE markets, alongside corporate bond issues totaling nearly PLN 7 billion. The data confirms sustained issuance activity in both the equity and debt markets, with a diversified financing structure among issuers.

The WSE Transaction Barometer is a new, cyclical analytical publication designed to provide a concise overview of the scale and structure of equity and debt transactions conducted on markets operated by the WSE. The report covers the Main Market, the NewConnect market, and the Catalyst corporate bond market, offering a comprehensive perspective on how companies at different stages of development raise capital.

– Early 2026 has demonstrated that the Polish capital market remains an effective mechanism for capital allocation—both for large-scale transactions and for issues supporting the development of smaller, innovative companies. In an environment of elevated volatility, the market’s ability to ensure continuity of financing becomes particularly important. In this respect, the WSE serves as a key piece of infrastructure supporting the resilience and long-term development of the Polish economy – said Tomasz Bardziłowski, President of the Management Board of the Warsaw Stock Exchange.

Between January and April 2026, six initial public offerings (IPOs), eight secondary public offerings (SPOs), and six accelerated book-building transactions (ABBs) were carried out on the WSE Main Market, with a total value of PLN 4.0 billion. On the NewConnect market, three IPOs worth PLN 11.9 million were completed, alongside four ABB transactions and ten SPOs, with a combined value of PLN 57.1 million.

The structure of activity in the equity market indicates a further shift away from individual large primary offerings towards secondary transactions and growth-oriented issuances carried out by small and mid-sized issuers. At the same time, the market demonstrated its capacity to absorb large volumes within ABB transactions, confirming its sustained depth and the continued activity of institutional investors. The data shows that the equity market remains an effective tool for raising capital for both established companies and those at earlier stages of development.

The Catalyst corporate bond market remained an important component of corporate financing. During the analysed period, issuers raised a total of PLN 6.9 billion. Seven companies debuting on the debt market conducted issues worth PLN 0.9 billion, while 27 issuances by existing market participants enabled the raising of PLN 6.1 billion in capital.

In the analysed period, the Catalyst corporate bond market played a significant stabilising role within the corporate financing structure. Despite a year-on-year decline in total issuance volume, the high number of transactions was maintained, alongside a clear inflow of new issuers, supporting further diversification of the market base. The activity of both debuting and existing issuers confirms the importance of the debt market as a complementary source of financing for investments in conditions of elevated macroeconomic volatility.

– The data presented in the WSE Transaction Barometer points to a clear diversification in the structure of transactions conducted on the capital market. Alongside large-scale, high-value operations, smaller growth-oriented issuances by small and medium-sized enterprises are playing an increasingly important role. The capital market remains a place for efficient capital mobilisation at various stages of issuers’ development – said Izabela Mikołajczyk, Director of the Primary Market Department at the Warsaw Stock Exchange.

The results of the first edition of the WSE Transaction Barometer highlight the strengthening role of the capital market as an important source of financing for business development and as a key element of infrastructure supporting economic stability and growth. The publication forms part of the WSE’s efforts to systematically monitor issuance activity and to increase transparency in processes occurring in the Polish equity and debt markets. The first issue serves as a benchmark for subsequent editions, planned as quarterly updates enabling ongoing observation of market dynamics.

The WSE Transaction Barometer No. 1/2026 - Polish version​ (PDF)