In the January offering, a 41 percent stake was sold, including both new and existing shares, at zł.24 a share.
State-controlled Ciech is Europe's third-largest soda maker and a leading player in the local fertilizer market.
The strong debut of the firm, whose market value stands at zł.830 million, bodes well for future privatisations in the undercapitalized but promising Polish chemicals industry. Later this year the government plans bourse sales of Zakłady Azotowe Puławy, the biggest producer of nitrogen fertilizers, as well as Zakłady Chemiczne POLICE, the leader on Poland's phosphorous fertilizer market.
Ciech is among the Warsaw market's four major chemicals companies, along with Boryszew, BorsodChem and Dwory. Its zł.270 million IPO attracted heavy demand from individual investors, who bid for more than 10 times the shares on offer.
After Ciech's new issue, aimed at raising funds for local expansion and potential acquisitions, the state's direct stake fell to just under 37 percent from the previous 52 percent. The company is on the lookout for takeover targets at home and abroad.
Shareholders will also benefit from substantial dividends. According to its CEO Ludwik Klinkosz: "Our policy is to pay out 20 percent of our net profits as dividends." (Reuters)
Laurence Mackin
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