Bloomberg News

JSW Jumps as Polish Coal Producer’s Shares Debut in Warsaw

July 06, 2011

July 6 (Bloomberg) -- Jastrzebska Spolka Weglowa SA, the European Union’s biggest coking-coal producer, gained on its first day of trading on the Warsaw Stock Exchange, following Poland’s largest initial public offering this year.

Shares in the company known as JSW increased as much as 3.6 percent to 140.9 zloty and traded 2.9 percent higher at 139.9 zloty at 9:06 a.m. in Warsaw, compared with the 136 zloty price in last month’s IPO of 39.5 million shares, a 33 percent stake.

After the IPO, part of a government plan to gain cash for financing the budget deficit and curbing debt, the Treasury Ministry has raised 77 percent of the 15 billion zloty ($5.5 billion) it aims to get from asset sales this year.

JSW is the fourth coal producer listed in Warsaw and the largest by market value, topping New World Resources Plc of the Czech Republic, Poland’s Lubelski Wegiel Bogdanka SA and Ukraine’s Sadovaya Group SA.

--Editors: Nathaniel Espino, James Kraus

To contact the reporter on this story: Marta Waldoch in Warsaw on mwaldoch@bloomberg.net

To contact the editor responsible for this story: Frank Connelly at fconnelly@bloomberg.net


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