Gorenje d.d., Slovenia’s biggest exporter, declined in its Warsaw debut after the producer of household appliances raised 16.7 million euros ($23 million) to repay debt.
The shares fell 11.2 percent to 16.13 zloty after opening in Warsaw today, compared with a reference price of 18.17 zloty ($6.02) set by the Polish bourse on Dec. 27. Gorenje, which fell 2.1 percent to 4.10 euros as of 9:44 a.m. in Ljubljana to value the stock at 117.5 million euros, is the 23rd company to start trading on the Warsaw bourse’s main market this year.
The Valenje, Slovenia-based company, sold 10.6 million euros of stock to Polish investors at 18.1 zloty a share and an additional 6.1 million euros of stock in Slovenia. Including Panasonic (6752)’s earlier purchase of 10 million euros of shares in August, Gorenje has raised 26.7 million euros to pay back debt that amounted to 475.2 million euro at the end of September. Gorenje may swap debt for more shares, it said in an e-mail distributed by Warsaw-based CC Group on Dec. 18.
The Slovenian company is the 47th foreign stock to trade in Warsaw. It’s the third company from Slovenia to enter the Polish market after pharmaceutical company Krka dd and Nova Kreditna Banka Maribor dd. Shares of the latter were suspended this month.
Gorenje’s public offer ends this year’s IPOs in Warsaw. The sales raised 5.11 billion zloty, compared with 3.44 billion zloty of shares sold in 2012, according to data published on Warsaw Stock Exchange website.
Polish Dom Maklerski BZ WBK SA was global coordinator of Gorenje’s offer, with Slovenian NLB Group as joint book runner.
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