Poland’s Energa: first day slump

Initial public offerings, especially those tied to privatisations by Poland’s treasury ministry, have the reputation for being money spinners, but there is no such thing as a risk-free investment, as punters are learning on Wednesday on the Warsaw Stock Exchange. The shares in Energa, the country’s third largest power distributor, sagged in the first hours of trading.

Energa launched on the WSE in a privatisation worth 2.4bn zlotys ($787m), the bourse’s largest IPO in two years.