A funny thing happened at the Warsaw Stock Exchange: investors bought shares of a recent IPO. Now custodians should brace for a possible onslaught of foreign investor interest.
Among the currently conducted offerings (TVN, Koelner, CCC, Eurofaktor, Polcolorit, Praterm), TVN shares are expected to arouse the greatest foreign investor interest. The book building process will be closed on November 30th, 2004 and followed by subscription of shares in an institutional tranche on December 1st and 2nd, 2004. It has been preliminarily scheduled, that December 7th, 2004 will be the first day of WSE trading in shares of the Polish TV private station, according to a Bank BPH newsflash.
It’s not all sunshine and roses, however, particularly after the recent PKO BP offering revealed some deficiencies. Thus, Bank BPH offers guidelines for follow avoid possible difficulties during the IPO allocation processes.
When filling subscription documents, it is crucial to indicate the very same number and full name of the account opened on client’s behalf with a local custodian in Poland. It is recommended to double-check this information with the client’s custodian. Otherwise the proper recognition of a client is hardly possible for a local custodian.
Clients should be aware that method and date of cash payment is subject to prospectus or an agreement signed with a global co-ordinator responsible for placing an international tranche. Thus, it is always recommended to double-check which method has been chosen in order to be able to provide a local custodian with correct instructions.