Warsaw Stock Exchange to restructure issuer fees

The Warsaw Stock Exchange (GPW) is implementing a new fee structure for issuers on the Main Market, designed to reduce financial burdens for smaller companies while increasing costs for larger entities. The changes will be introduced in stages starting January 1, 2027.

Under the new rules, discounts for share turnover will be recalculated based on a five-year average. Every 10 percent increase in turnover will result in a 10 percent reduction in annual fees, up to a maximum discount of 30 percent. This mechanism aims to reward companies that actively engage with investors and improve market liquidity.

From January 1, 2028, annual fees will be calculated based on capitalization brackets. Instead of a flat maximum fee, the rate will apply only to the portion of a company's market value exceeding specific thresholds. For example, a company with 100 million PLN in capitalization is projected to pay 16,000 PLN annually, down from 20,000 PLN. Conversely, a company with 1 billion PLN in capitalization is expected to see its fee rise from 70,000 PLN to 78,000 PLN.

GPW officials stated that the new model allows for greater flexibility, as fees will decrease if a company's valuation drops and increase gradually as capitalization grows. The exchange also plans to update fees for Initial Public Offerings (IPO) and secondary offerings (SPO) starting in 2027.