Bezpośrednie koszty emisji akcji w pierwszej ofercie publicznej na GPW w Warszawie
Direct costs of share issuance in IPO on the Warsaw Stock Exchange

Summary/Abstract: The paper aims to assess the level and the structure of direct costs of share issuance in the initial public offerings (IPOs) on the Warsaw Stock Exchange (WSE) in the years 2006-2014. The direct costs of share issuance consist of: costs of preparing and conducting the issuance, the underwriting fee, costs of preparing the prospectus, costs of promotional activities. The research hypothesis states that during the financial crisis of 2008- -2009 there was the increase in the costs of stock issuance in relation to gross proceeds from IPO. The research sample consists of 102 companies who in IPO process offered only newly issued shares. The data used in the analysis was gathered from the current reports for each company from the sample. The analysis was carried out separately for two groups of companies identified according to gross proceeds (less and more than 50 million PLN). Then, each of these two groups was divided into two subsequent groups, due to the date of IPO, i.e. 2006-2008 and 2009-2014. Statistical tests were used to compare various financial characteristics of firms going public before and after the peak of the financial crisis. The analysis allows to conclude that in the research sample the direct costs of IPO increased after the financial crisis peak but only for companies raising less than 50 mln PLN.

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