⚠ More Delistings Than IPOsHigh threat

The primary market has been running in reverse. For stretches of recent years, Poland has seen more companies leave the exchange — taken private by private-equity firms, majority owners, or foreign acquirers cashing in on low valuations — than arrive through new listings. A thin IPO pipeline meets a steady drip of delistings, and the net result is a listed universe that stagnates or contracts. Every company that goes private removes a security that traded, paid listing fees, and generated data revenue.

This is the mechanism by which a wide moat can still surround a shrinking business. GPW keeps essentially all of the Polish regulated equity trade there is, but the amount there is depends on the health of the primary market, and that market has structural problems: low domestic valuations that make going public unattractive and being bought out attractive, competition from private capital, and the pull of deeper foreign markets for the largest candidates. If listings do not revive, the monopoly slowly presides over less and less — the quiet, cumulative threat behind the stock's years at 10 to 12 times earnings¹. The Main Market had 432 companies in 2020 and 403 in 2026, though the first half of 2026 brought seven listings against four delistings²³.