Warsaw Stock Exchange (GPW): Listing Requirements and IPO Guide

Headquarters

Warsaw, Poland

Region

Europe

Market Focus

Regional & Mid Cap

Overview

The Warsaw Stock Exchange, known as GPW, was founded in 1991 after the end of communist rule and has become the largest stock exchange in Central and Eastern Europe. It is itself a listed company, with the Polish State Treasury as its controlling shareholder.

Its WIG20 index tracks the largest listed companies, and its NewConnect market serves younger and smaller businesses.

Known For

Polish banks, energy, retail and video game companies
NewConnect, an alternative market for smaller companies
Participation from domestic pension and investment funds
A regional hub for Central and Eastern European listings

Listing Considerations

The Polish Financial Supervision Authority (KNF) is the regulator
EU prospectus and market abuse rules apply
Costs are generally lower than on Western European exchanges
Liquidity is concentrated in the larger names

Key Facts

Founded

1991

Operator

Giełda Papierów Wartościowych w Warszawie S.A. (GPW)

Regulator

Polish Financial Supervision Authority (KNF)

Main Index

WIG20

Currency

Polish złoty (PLN)

Trading Hours

9:00 a.m. – 5:00 p.m. CET, Monday–Friday

Market Segments

Main Market, NewConnect

Official website →

Listing Requirements

Main Market official listing: market capitalisation of at least the PLN equivalent of €15 million
Free float of at least 15% of shares, or at least 100,000 shares worth €1 million or more
Approved prospectus and audited financial statements
NewConnect: lighter requirements for smaller companies, with an Authorised Adviser

Headline Main Market requirements from GPW rules, checked November 2026.

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Warsaw Stock Exchange (GPW)