Polish Billionaire’s Idea Bank Climbs on Warsaw Trading Debut

Idea Bank SA, controlled by Polish billionaire Leszek Czarnecki, gained on the first day of trading on the Warsaw Stock Exchange after raising 254.2 million-zloty ($68 million) in an initial public offering.

The stock rose 4.2 percent to 25 zloty at 9 a.m. in Warsaw. Czarnecki also controls Warsaw-listed Getin Noble Bank SA, Getin Holding SA, LC Corp SA and Open Finance SA. Idea sold shares in the IPO at 24 zloty each.

Idea, which focuses on small and medium-sized companies, raised funds in the IPO to help boost corporate lending, taking advantage of increased investors’ demand for new offerings amid rising stock valuations. Private Equity Managers SA soared as much as 20 percent on its first day of trading last week, while car-parts manufacturer Uniwheels AG and Wirtualna Polska Holding SA, which owns the country’s largest web portal, started IPOs this week.

Idea’s net income more than doubled to 241.3 million zloty last year, while its capital adequacy ratio rose to 13.5 percent from 11.9 percent.

Goldman Sachs Group Inc., Mercurius Dom Maklerski Sp. z o.o., Pekao Investment Banking, UniCredit SpA and Noble Securities SA helped manage the transaction.

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