Diagnostyka, the leader of the medical diagnostics market in Poland, made its successful debut on the Warsaw Stock Exchange (GPW) on February 7, 2025. The company's stock opened at 125.5 PLN, reflecting an increase of 19.5% above the reference price. Following this promising start, the share price quickly surged to 133 PLN shortly after trading began, marking a rise of nearly 27%.
Compared to previous major debut performances, such as Żabka, Diagnostyka's opening day brought remarkable results. The stock market index WIG only gained 0.2% during the same timeframe, highlighting the exceptional interest surrounding Diagnostyka's public offering.
During the initial public offering (IPO), Diagnostyka offered 16,147,124 existing shares controlled by LX Beta S.à r.l., associated with MidEuropa III Management Limited. Around 800,000 shares were allocated to individual investors, whereas institutional investors received the remainder. The maximum established selling price for one share was 105 PLN, contributing to the total value of the offering reaching close to 1.7 billion PLN and resulting in Diagnostyka being valued at over 3.5 billion PLN.
Following the first thirty minutes of trading, Diagnostyka's shares demonstrated impressive momentum, with the price rising to as much as 134.88 PLN—an extraordinary 28.46% increase, pushing the market capitalization of the company to approximately 4.5 billion PLN.
Jakub Swadźba, Co-Founder and President of Diagnostyka, emphasized the importance of this event by stating, "We are pleased with the successful stock market debut and the first quotes of Diagnostyka S.A. This is a breakthrough moment for us and an important stage in the Company's development. New investors have joined our shareholder base, which strengthens our position and opens new possibilities. We thank all shareholders for their trust—together we will build the future value of the Group."
The overall interest surrounding the IPO was significant, with subscription reduction for individual investors reaching as high as 94.16%. Swadźba mentioned before the debut, "The demand among institutional and individual investors was very high and significantly exceeded the offered number of shares."
With 1,100 own blood collection points, 156 diagnostic laboratories, and 19 imaging diagnostic facilities, Diagnostyka stands as the dominant private medical diagnostic company, catering to over 20 million patients and conducting more than 140 million tests annually. This versatile network ensures the availability and quality of diagnostics across Poland.
Maksymilian Kuch, analyst at XTB, articulated the current market enthusiasm, commenting, "Attractive company valuation combined with high reduction of registrations for individual investors could be the cause of such significant increases in the quotes." He suggested this positive debut could mark the start of renewed interest among investors previously hesitant to engage with the Warsaw Stock Exchange.
Since January 30, 2025, orders were accepted from individual investors, and from January 31 to February 4, institutional investors also participated. By the time of Diagnostyka's debut, individual investors showed substantial appetite, even with limited allocations.
The broader market environment has been favorable, with Polish indices performing exceptionally well this year. The WIG20 index alone has seen a rise of 12%. The enthusiasm generated from this debut might just be the catalyst needed to attract more interest from historically absent investors.
Diagnostyka's entry onto the GPW marks not just its emergence as the 411th listed company but also as the first new listing on the main market for 2025, sending ripples of excitement through the investment community.
Going forward, Diagnostyka intends to uphold the highest standards of communication with its investors and treat its public status as integral to its long-term growth strategy. The company aims to blend the characteristics of a growth-oriented business with regular dividend payouts, making it a promising investment opportunity.
The successful debut of Diagnostyka on the Warsaw Stock Exchange undoubtedly changes the dynamics of the market and sets the stage for exciting opportunities within Poland's healthcare sector.