Poland's Columbus debuts on Warsaw main market

The shares of Polish photovoltaics (PV) installer Columbus Energy SA (WSE:CLC) started trading on the main floor of the Warsaw Stock Exchange (WSE) on Wednesday, moving from the alternative market, NewConnect.

Columbus has become the sixth company from the renewable energy sector to be listed on the main market of the WSE, bourse documents show.

Moving to the main market is proof of the company's growing potential, CEO Dawid Zielinski commented in a listing ceremony video released by the WSE. It is a signal to investors that they are dealing with a partner which focuses on development and transparency of operations, he added.

The regulated market will open access to a new group of investors and will facilitate the development of key projects, such as large-scale energy storage facilities, and expansion on foreign markets, Zielinski explained earlier.

Since 2016, the Krakow-based company had been listed on NewConnect and in 2017 it filed to move to the more prestigious floor but a turnaround in the energy sector thwarted its plans, the company said earlier.

According to Columbus's listing prospectus, its share capital is PLN 129.98 million (USD 30.44m/EUR 27.87m). Its main shareholders are Dawid Zielinski with 49.93% and Piotr Kurczewski with 20.11%.

In 2022, the group generated sales of PLN 598 million, deepening its loss to PLN 115 million from PLN 16 million a year earlier. The deterioration has been attributed to exposure to market turbulence. However, for the first quarter of 2023, Columbus expects to book a profit following the sale of 102.5 MW of solar assets to Engie Zielona Energia in December.

The company's market value is estimated at PLN 545 million based on an average share price of PLN 7.92 on the NewConnect for the three months preceding the application for admission to the main market, WSE documents show.

On Wednesday, the shares opened at PLN 10.56 and closed almost unchanged at PLN 10.30.

(PLN 10 = USD 2.34/EUR 2.14)

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