News
Enea Listed on WSE
The company Enea S.A. was floated on the WSE Main List on 17 November 2008 as the market’s 368th listed company. Enea’s offer worth almost PLN 2 billion was one of the largest public offerings in the history of the WSE. The offer of the Poznań-based company was the third largest issue of new shares in history. The company raised equity necessary to finance its further growth.
The listing of Enea is a milestone on the WSE in more than one way. "There have been fewer new listings this year than in 2007, but Enea is the 27th company listed in 2008. This makes the WSE a leader in Europe by the number of new public companies and by the value of public offers," said Ludwik Sobolewski, WSE President, during the listing ceremony.
Mr Sobolewski quoted The Wall Street Journal Europe article of 6 November describing Enea’s listing as one of the largest stock exchange transactions in Europe this year.
Enea’s offer was the second largest offering on the WSE this year (the Czech company NWR’s offer was worth PLN 5.5 billion), and the largest offer of newly issued shares since May 2007.
Largest IPOs in WSE’s history
| Company | Newly issued shares (PLN B) | Year |
| Immoeast | 10.72 | 2007 |
| PGNiG | 2.68 | 2005 |
| Enea | 1.99 | 2008 |
| Grupa LOTOS | 1.01 | 2005 |
| NWR | 0.78 | 2008 |
The listing ceremony was attended by Mr Jan Bury, Secretary of State in the Ministry of the State Treasury, and Ms Joanna Schmid, Undersecretary of State. Minister Bury stressed that the listing was a great success of the Polish energy group Enea. "Today’s performance of the shares proves that the decision [to complete the public offer] was right and that the group was well prepared for its listing; it also demonstrates that the Polish energy sector represents a great value," said Minister Bury.
Minister Joanna Schimd said that „the international markets have noticed and highly evaluated the transaction.” The successful listing of Enea was largely the result of close co-operation of many teams and advisors. The courageous decision to go public was key. "It’s easy to work with favourable markets, but it’s much more challenging when the markets are volatile," concluded Minister Schmid
Mr Paweł Mortas, President of the energy group Enea, emphasised the determined efforts of the Ministry of the State Treasury and the company’s Supervisory Board aimed at going public and raising equity in these difficult times. "I believe that our success will serve as a model for others, especially energy companies," concluded Mr Mortas.
Results of the public offer
Public subscription for up to 103,816,150 newly issued C series shares:
Date of the offer: 24 October - 12 November 2008.
The Exchange allotted the shares of the Retail Tranche on 10 November 2008 and the other shares on 12 November 2008.
The reduction rate in the Retail Tranche was ca. 20.36%.
The shares offered in the Sector Investor Tranche were allotted to one shareholder, Vattenfall AB with its seat in Stockholm. The shares offered in the Institutional Investor Tranche were allotted without reduction. In total, all 103,816,150 offered shares were allotted.
Value of the issue of series C shares: PLN 1,989,323,726.02.