CMS has announced that it is acting as sole legal advisor for the Warsaw Stock Exchange debut of developer i2 Development, planned for the second half of May, and that it advised on the initial public offering of Dom Maklerski X-Trade Brokers S.A. (XTB), which debuted on the WSE on May 6 this year. Weil Gotshal advised XTB as the issuer’s counsel on the IPO, while Greenberg Traurig advised investment banks J.P. Morgan, Pekao Investment Banking S.A., UniCredit Bank AG, London Branch, and IPOPEMA Securities S.A on the XTB offering.
The total value of the IPO of i2 Development is expected to reach PLN 34 million, with 1.7 million shares to allocated to investors at a final price of PLN 20 each. In turn, the value of the debut of X-Trade Brokers amounted to PLN 188.6 million, with 1.6 million shares offered to individual investors and 14.8 million to institutional investors.
According to CMS, the firm’s Warsaw office "coordinated legal analyses of XTB’s subsidiaries and affiliates undertaken by CMS offices in Spain, Portugal, the Czech Republic, and Turkey for the purpose of the IPO. At the same time, the CMS office in Turkey provided regulatory advice in connection with the project. Additionally, CMS issued legal opinions to the consortium of offering managers.”
Michal Pawlowski, Partner and Head of the CMS Capital Markets Team, said: “The success of recent public offerings will hopefully result in more activity on the Polish capital market. The success of the two tenders that we advised on is a good signal for the coming months. It is also the best proof that companies with high potential and consistently implemented business strategies can count on investor confidence and successful development through the stock exchange.”
“The growing interest of businesses and private equity funds in the so-called dual-track, i.e. simultaneous M&A and IPO, is of great importance for the Warsaw Stock Exchange,” added CMS Counsel Rafal Wozniak.
In addition to Pawlowski and Wozniak, CMS Associate Magdalena Trzepizur worked on both debuts. CMS’s team on the XTB transaction included Prague-based Partner Helen Rodwell, Istanbul-based Partner Alican Babalioglu, Madrid-based Partner Luis Miguel De Dios, and Lisbon-based Partner Francisco Almeida.
The Weil Gotshal team consisted of Warsaw-based Partners Marcin Chylinski and Anna Frankowska, Senior Associate Jacek Zawadzki, and Associates Barbara Sobowska and Krzysztof Jagiello, as well as London-based Partner Peter King, who advised on English law.
The Greenberg Traurig team was led by Partners Rafal Sienski and Federico Salinas, supported by Local Partner Pawel Piotrowski and Associate Agata Wisniewska.
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