Warsaw: Central Europe's Bourse to Beat

Warsaw is about to become emerging Europe's first publicly traded bourse, and its success contrasts sharply with rivalswho say it enjoys some unfair advantages

When Ukrainian food producer Agroton wanted to list its shares in a public offering in October, the company skipped the Kiev bourse and went to the Warsaw Stock Exchange instead. Seeking to attract more investors, Sopharma, Bulgaria's biggest drugmaker, next year plans to allow its shares to trade in Warsaw in addition to the Sofia Stock Exchange. When Czech solar plant builder Photon Energy went public two years ago, it also chose Warsaw over its home bourse. The Prague exchange "doesn't fulfill one of its primary functions—to be a place where companies can raise capital," says Georg Hotar, Photon's chief financial officer. "In Poland, they can."

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