Initial Public Offering: theory and practice of Czech and Polish companies


Tomas Meluzin
Brno University of Technology
Marek Zinecker
Brno University of Technology
Justyna Łapińska
Nicolaus Copernicus University


Corporate Financing IPO, Initial Public Offering, Czech Capital Market, Polish Capital Market


This book deals with the topic of corporate financing through Initial Public Offerings. It aspires to broaden both knowledge and comprehension of this subject. For issuers, it identifies some practical approaches to IPO-related decisions under the conditions in force on the Czech and Polish capital markets.

The introductory chapter delineates the specifics of joint-stock compa- nies and reviews the resources available to such legal entities in raising the capital needed for investments in company development. The term ?Initial Public Offering? is then defined, followed by an assessment of IPO trends in terms of their numbers and the value of the capital obtained by this form of financing on global equity markets. In the next section of the book, the authors survey the most frequently stated reasons for launching an IPO with their respective pros and cons. The book then analyses the IPO structure and the related costs on global equity markets. The following chapter cov- ers the characteristic features of IPOs, these being underpricing and the lower profitability of shares after the initial public offering. This part of the book concludes with a discussion of the methods used to evaluate the issu- ing companies.

The third part of the book begins with an outline of the main conditions for a successful IPO implementation on the Czech and Polish capital mar- kets. This is followed by the main characteristics of the initial public offer- ings that have appeared on the Czech capital market, and an articulation of the policies, views and experiences of the companies that implemented them. This section of the book also presents the results of research into factors that influence decisions about a prospective IPO under the condi- tions in force on the Polish capital market. The results of the empirical re- search are compared with modern theoretical approaches seeking a solution to  this decisive juncture within  a company.  The  final  chapter  presents a summary and a discussion of the results produced.



May 1, 2017

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