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The year 2012 marked the 15th anniversary of the KGHM Polska Miedź S.A. shares’ debut on the Warsaw Stock Exchange. The Company’s IPO attracted a lot of interest from the investors and the admission of the shares of KGHM Polska Miedź S.A. to public trading remains one of the most important events in the history of the Polish capital market.


The history of KGHM’s market debut actually goes back to a time much earlier than July 1997 and starts with the restructuring of the Company. In September 1991, the state owned enterprise Kombinat Górniczo-Hutniczy Miedzi was transformed into a 100% State Treasury company named KGHM Polska Miedź S.A. The event was the Company’s first major step in the direction of the stock exchange. When the prospectus required to admit KGHM shares to public trading was completed, in June 1997 the State Treasury, holder of 200 million shares of Polska Miedź, decided to sell 65.7 million shares under the Initial Public Offering, of which 30 million was intended for the domestic market. Individual investors were buying the shares at a price of PLN 19 and institutional investors at PLN 21. The Company employees also participated in the privatisation process taking up 15% of equity (30 million shares) free of charge.


KGHM shares were for the first time quoted on the Warsaw Stock Exchange on 10 July 1997. On the first day the share price went up to PLN 23.5 and was 23.7% higher than the price paid by the individual investors.


During the 15 years of KGHM’s presence on the stock exchange floor, the lowest share price (PLN 9.75) was recorded on 2 October 1998, while the all-time high value was hit on 20 April 2011 when the closing price amounted to PLN 198.40 and was over 740% higher versus the price on the debut date.


Quotations of KGHM shares against the WIG index and copper prices
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