✦ The IPO Window ReopensNarrow moat
GPW (GPW) — the future bets
Turnover is cyclical; a new listing is permanent — which is why net new companies, not gross issuance value, is the number that would actually redeem this exchange.
The most valuable thing that can happen to GPW is that companies want to list on it, and in 2026 more of them did. Seven companies joined the Main Market in the first half and four left, after three joined and thirteen left in 202512.
The money raised tells a more cautious story. IPOs on the Main Market raised 1 652,5 million złoty in the first half of 2026, against 1 985,2 million a year earlier, and IPOs and secondary offerings together 3 070,7 million, against 4 612,2 million3. More companies arrived, but they were smaller. GPW ran an IPO Academy for more than 30 companies in 2025 and is extending its IPO Bridge initiative to venture-capital and family-office funds4.
Listings matter more than turnover because each one adds to what can be traded for years. The Main Market lost 29 companies between 2020 and 20265; reversing that takes several good years, not one good half.
Watch the full-year balance of listings and delistings. A positive number in 2026, after 2025's minus ten, would be the first sign that the pond is filling.
4,2 billion złoty of issuance in a quarter, a pipeline being built, and GPW actively recruiting through IPO Bridge, NewConnect and Catalyst — a direct answer to the delistings that have shrunk the listed stock for a decade. Each genuine new listing is a permanent addition. It narrows the moment the window shuts, which is why continuity matters more than the quarter.
More listings arrived but raised less money; the value is the better test of the window.
Source: GPW H1 2026 interim report ↗- ReportedSeven companies joined the Main Market in the first half and four left, after three joined and thirteen left in 2025.GPW Group interim report for H1 2026 - revenue by line, turnover, listings, TGE volumes, operating expenses, FTEs, ratios, dividend, associates (KDPW 33,33%) — H1 2026 · publ. September 2026 · source ↗
- ReportedSeven companies joined the Main Market in the first half and four left, after three joined and thirteen left in 2025.GPW Management Board report on 2025 - market statistics: EOB turnover against European exchanges, investor shares of turnover, listings and delistings, securities accounts, fund inflows, OKI, GlobalConnect, WATS postponement, POLSTR bonds, IPO Academy — FY2025 · publ. March 2026 · source ↗
- ReportedIPOs on the Main Market raised 1 652,5 million złoty in the first half of 2026, against 1 985,2 million a year earlier, and IPOs and secondary offerings together 3 070,7 million, against 4 612,2 million.GPW Group interim report for H1 2026 - revenue by line, turnover, listings, TGE volumes, operating expenses, FTEs, ratios, dividend, associates (KDPW 33,33%) — H1 2026 · publ. September 2026 · source ↗
- ReportedGPW ran an IPO Academy for more than 30 companies in 2025 and is extending its IPO Bridge initiative to venture-capital and family-office funds.GPW Management Board report on 2025 - market statistics: EOB turnover against European exchanges, investor shares of turnover, listings and delistings, securities accounts, fund inflows, OKI, GlobalConnect, WATS postponement, POLSTR bonds, IPO Academy — FY2025 · publ. March 2026 · source ↗
- ReportedThe Main Market lost 29 companies between 2020 and 2026; reversing that takes several good years, not one good half.GPW Q2 and H1 2026 financial results presentation - adjusted results, cash flow, liquid assets, WATS budget, listed-company count 2020-2026, OKI and S&P reclassification, AMX — Q2 2026 · publ. September 2026 · source ↗
- GPW Group — Management Board report on activities 2024, English (gpw.pl)
- GPW Q1 2026 results coverage
- GPW Group Management Board report 2025