WARSAW, June 25 (Reuters) - Polish chemical firm PCC Rokita rose nine percent in its bourse debut on Wednesday after its 98.3-million zloty ($32.2 million) initial public offer on the Warsaw bourse.
Rokita sold new shares worth 52.4 million zlotys to finance its research and development activities and investments, while its main shareholder, PCC Group, sold existing shares worth 45.9 million.
Analysts said that demand for Rokita was strong due the company’s growth prospects and a business model that makes a profit in both an economic growth and a slowdown.
“It is an interesting company which strongly differs from other (chemical) companies listed in Warsaw. It operates in two, negatively correlated segments, so it can keep its results stable despite cyclical fluctuations, Krystian Brymora, an equity analyst at brokerage BDM SA said.
“The company is about to finish a broad investment program which should bring positive effects in 2015-2016. Moreover, the dividend yield amounts to 10 percent and I expect the dividend policy to remain the same in upcoming years,” Brymora said.
By 1226 GMT, the shares were up 0.6 percent to 33.20 zlotys, retreating almost all initial gains, while the broad Warsaw bourse index was down almost 0.9 percent. ($1 = 3.0545 Polish Zlotys) (Reporting by Marcin Goclowski and Jakub Iglewski, editing by Louise Heavens)