We advise listed companies
We are an Authorised Adviser on the NewConnect equity market and the Catalyst bond market. We take companies public and support issuers that are already listed – from the information document to ongoing obligations towards the market. We have been active on NewConnect since its first trading day in 2007 and have since taken part in bringing several dozen companies to the stock exchange.
- since 2007
- on NewConnect since its first trading day
- 20+
- companies brought to NewConnect
We take companies public and support them after their debut. Sometimes we help them leave the stock exchange.
We are a NewConnect Authorised Adviser.
NewConnect listings
An assessment of the company’s readiness and an honest answer as to whether a debut makes sense. Putting the structure and corporate governance in order, preparing the information document and coordinating the work of all parties involved in the process.
More → – NewConnect listingsSupport for listed companies
Ongoing advice on disclosure obligations, ESPI and EBI reports, MAR obligations (inside information, delayed disclosure, insider lists, closed periods) and liaison with the WSE, KDPW and KNF. Training for the management board and team on MAR and disclosure obligations.
More → – Support for listed companiesCapital and ownership transactions
Share and bond issues (Catalyst), IPOs, SPOs, ownership changes, incentive schemes, support for transactions involving a listed company, and moving a listing from NewConnect to the WSE Main Market.
More → – Capital and ownership transactionsInvestor relations
Disclosure policy, market communication, the annual report and handling communication in difficult situations.
More → – Investor relationsDelisting
Withdrawing shares from trading: choosing the route, arrangements with the WSE, KDPW and KNF, running the process until trading ends, and then support in further transactions outside the market.
More → – DelistingThe public market, from debut to delisting.
2011–2025From a sole proprietorship, through the stock exchange, to the sale of the business
Broadband internet provider. Choosing a listing over a buyout offer, 13 years on NewConnect and business growth crowned by a sale to a strategic investor.
2015–2025From a bumpy debut to delisting
The cda.pl streaming platform. A share offering ahead of the debut, months of proceedings before the Warsaw Stock Exchange and a debut in 2019, years of Authorised Adviser services and, in 2025, a tender offer and the withdrawal of the shares from trading.
What needs to be done before listing on NewConnect?
A NewConnect debut is a project that usually takes 6–12 months. The pace is determined by the company’s starting point: its legal form, the state of its documentation, audited financial statements and the shareholder structure.
At the outset we check what is missing to meet the WSE requirements and draw up a timetable. We then guide the company through the subsequent stages and coordinate the work of the statutory auditor, the law firm and the brokerage house (if one is involved) – right up to the first day of trading.
8 steps to the first trading day
- Objective and decision: why go to the market (capital, liquidity, valuation, credibility), a preliminary timetable and budget, and planning how to meet the regulatory requirements for introducing shares to trading.
- Legal and financial due diligence, putting the group structure in order, planning corporate governance: compliance with the NewConnect Best Practice, amendments to the articles of association.
- Conversion into a joint-stock company (if needed).
- Preparation of the offering document and the company’s public or private offering of shares – an optional step if the company wants to raise capital before its debut.
- Free float: at least 15% of the shares held by at least 10 unrelated shareholders (each with up to 5% of the votes) – usually following an earlier issue or sale of shares.
- Preparation of the information document with the Authorised Adviser’s statement and its submission to the WSE together with the application for the introduction of shares to trading.
- Registration of the shares with the KDPW, an agreement with a Market Maker and an application to the WSE to set the first trading day.
- Preparation for disclosure obligations: MAR procedures, disclosure policy, access to EBI/ESPI, an investor relations website and management board training.
Changing your Authorised Adviser
If your current relationship with your Authorised Adviser is not working, switching is simpler than it seems. We take over the company’s ongoing obligations, point out what needs to be completed and carry on without any break in meeting obligations towards the market.
Review
We analyse the company’s past reports, procedures and open matters.
Handover
We set the date of the change and sign the agreement; the company publishes a report on the change of Authorised Adviser.
Ongoing support
From day one we take over the ongoing obligations towards the market.
OUR CLIENTS · PUBLIC MARKETS
A listing is a stage. Leaving the market can be planned too.
A listing is a tool: it provides capital, a valuation and recognition. When a company achieves its goals or enters a new stage – a takeover by an investor, consolidation of the shareholder base, a change of strategy – withdrawing its shares from trading can be a natural next step.
We run delistings so that they proceed efficiently and fairly towards all shareholders – from the owners’ decision to transactions outside the market.
WHY COMPANIES LEAVE THE MARKET
A new owner or a merger
An investor taking control, a merger with another company or a group restructuring – further growth is easier to pursue off the market.
Consolidating the shareholder base
The main shareholders buy back shares from the market and simplify the ownership structure.
Goal achieved
The company has raised capital and built credibility, and finances its next stages of growth from other sources.
The balance of benefits
When liquidity, the market valuation, disclosure obligations or listing costs no longer support the company’s value and growth.
HOW DELISTING WORKS
Route and price
Analysis of the shareholder base, choice of route and strategy, setting the price for minority shareholders.
General meeting resolution
A resolution to withdraw the shares from trading, together with a tender offer for the shares.
Share buy-up and withdrawal from trading
Acquisition of shares in the tender offer (where applicable), an application to the KNF, arrangements with the WSE and KDPW, and running the process until the last day of trading.
After leaving the market
Buying back shares from shareholders who did not sell them on the market, tidying up the shareholder base and coordinating the brokerage houses involved in the transactions.
- 30.04.2025Announcement of a tender offer for the company’s shares
- 05–06.2025Subscriptions in the tender offer and acquisition of shares on the WSE
- 04.08.2025EGM resolution to withdraw the shares from trading
- 31.10.2025Shares withdrawn from NewConnect
- 2025/2026Buy-back of the remaining shares off the market
As Authorised Adviser, we took the company through the delisting and the share buy-back transactions after it left the market.
Frequently asked questions
No. Admitting shares to trading and attracting investors are two related but separate processes – listed status alone does not automatically create demand for a company’s shares. Before starting the project, it is essential to assess whether the company has a credible investment story, sufficient scale and a realistic group of potential investors.
Yes. A company can introduce existing shares to trading without raising new capital at the time of its debut. This can make sense, for example, as preparation for future share issues, to provide liquidity for shareholders or as part of the company’s further development. The purpose of entering the market should, however, be clearly defined before the process begins.
A debut requires the involvement of the management board, the finance team, accounting and lawyers. Documentation has to be put in order, due diligence carried out, the information document prepared and the organisation adapted to the obligations of a public company. We coordinate the process and the documentation, but the company must have people who will provide access to data and will later be responsible for keeping it up to date.
Yes, changing the Authorised Adviser is possible, including where the engagement is still mandatory. However, continuity of service and a proper handover of documentation and knowledge of the issuer’s current matters must be ensured. When taking over, we first review the reporting history, procedures and open issues, and then agree how we will work together going forward.
Yes. We advise companies on the WSE Main Market on ongoing disclosure obligations and communication with the market. We also support issuers planning to move their listing from NewConnect to the regulated market – from assessing the company’s readiness and preparing the timetable, to the documentation and coordination of the process of admitting the shares to trading.
Usually 6–12 months. It depends on the starting point: converting into a joint-stock company, auditing the financial statements or building the shareholder base extend the process, while a company that already meets these requirements can debut sooner.
Apart from the Authorised Adviser’s fee, these include annual fees payable to the WSE and the KDPW (the Polish central securities depository), the audit of the financial statements by a statutory auditor and the team’s time spent on disclosure obligations. Before you decide on a debut, we show you the full annual cost of being listed.
It depends on the chosen route (tender offer, squeeze-out, general meeting resolution) and the shareholder structure. It usually takes months rather than weeks. We run the process until trading ends and support the company in further transactions outside the market.
The cost depends primarily on whether the engagement covers preparing the company for its debut or ongoing support for an issuer that is already listed. For a NewConnect listing we set the fee as a fixed project fee, agreed before work begins. For companies that are already listed, the standard arrangement is a monthly retainer, the amount of which depends on the size and activity of the company and the expected scope of our involvement.
