IPF Consumer Lender Climbs on First Day of Warsaw Trade
International Personal Finance Plc (IPF), a U.K. lender that makes unsecured loans to low-income households in eastern Europe, rose on its first day of trading on the Warsaw Stock Exchange (GPW), the region’s biggest equity market.
The stock climbed 0.3 percent to 22.35 zloty at 9 a.m. in Warsaw, compared with a reference price of 22.29 zloty set by the Warsaw bourse yesterday. The shares closed 1.1 percent lower at 451.2 pence on the London Stock Exchange yesterday.
IPF is the 52nd foreign company trading on the Warsaw exchange, attracted by central Europe’s biggest pool of pension and mutual funds. The exchange trades shares of 438 companies on its main market with their combined value of 696 billion zloty, according to data on the bourse’s website.
The Leeds-based company, which started its operations in Poland in 1997, generated 57 percent of 475.5 million-pound ($721 million) sales in central Europe’s biggest economy last year, according to data compiled by Bloomberg. In 2010 the lender sold 200 million zloty of five-year bonds in Poland and listed the securities on Warsaw’s Catalyst debt market.
IPF was spun off from Provident Financial Plc (PFG), the U.K.’s largest subprime lender, in July 2007.
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