Dual Listing Eng

The London Stock Exchange – a natural direction for Polish companies planning a dual listing

6 September 2023 | Knowledge, News

THE SERIES | DUAL-LISTING – A WORTHWHILE DIRECTION TO TAKE

From the perspective of a Polish company, dual listing means simultaneous presence on both the Warsaw Stock Exchange and a foreign exchange. With dual listing, additional capital can be raised from international investors and serve to boost the price of shares listed on the Polish stock exchange.

Advantages of dual listing

The listing of a company on a foreign stock exchange, in particular on the London Stock Exchange, opens the door to its wider recognition on international markets, providing access to the most active investors and financial institutions. This can lead to an increase in liquidity, which in turn allows the company to significantly expand its existing business.

Increased liquidity means not only an increase in the capital available to the company, but also more intensive trading in its shares. Being present on two stock exchanges at the same time means that more purchase and sale transactions in the company’s shares can be made during each trading session than would be possible on a single trading floor.

Conducting a dual listing requires adequate preparation and involves experienced advisers. It also entails costs, which, however, should pay off several times over once the company has entered the foreign market.

Pre-IPO

Companies that are thinking of listing abroad are not always completely ready, for example due to insufficient capitalisation and weak financial buoyancy. Some therefore may need to raise capital outside the stock market from individual investors, which is referred to as pre-IPO. Obtaining external financing may not however be as difficult as expected, as a company’s planned dual listing can make it more attractive in the eyes of investors.

The two stages are closely linked, i.e. the pre-IPO enables the subsequent dual listing.

The London Stock Exchange – an attractive trading floor for Polish companies planning a dual listing

The advantages of listing abroad cannot be overestimated. Returns depend on a number of factors, with the most important being the choice of stock exchange.

Given the amount of capital available, the London Stock Exchange (LSE) seems a natural choice.

Companies listed on the LSE meet high standards of corporate governance and transparent communication of information, which are strongly sought after by international investors.

As far as Polish companies are concerned, it is important to remember that there are also other proven ways to raise capital, both European and non-European.

How do we help

We have been advising Clients on dual listings for many years. We pioneered this type of venture on the Polish market, with WorkService SA being the first Polish company to list on the LSE and paving the way for others.

Nowadays, at a time when the Polish stock market does not always provide sufficient liquidity, it is worth seriously considering listing on a foreign exchange.

Questions? Contact the author

Paweł Mardas

Latest Knowledge

GLI – AI, Machine Learning & Big Data 2026: The Polish perspective on artificial intelligence law

Global Legal Insights (GLI) is a series of international publications by the Global Legal Group (GLG), authored by legal practitioners from around the world. It offers an up-to-date and highly practical guide to the applicable regulatory landscape, complemented by expert commentary on specific areas of law across different jurisdictions. In short: legislation and actionable know-how in one place.

Banking sector overview | Banking today and tomorrow | May 2026

“The end of the dream of free housing” – this is how the Polish Bank Association (Związek Banków Polskich) has characterised Thursday’s judgments of the Court of Justice of the European Union in cases concerning whether the claims of financial institutions against CHF mortgage borrowers have become time-barred.

Return deposits like VAT? The elephant in the room: the risks of the deposit-return system

The deposit-return system was supposed to be simple. Eco-friendly. Leak-proof. Tax-neutral. However, it took just a few months for serious doubts to emerge. The first loopholes are no longer just theoretical, they are in plain sight. The mechanisms for abuse can be described quite precisely, and the scale of potential losses may be much greater than anticipated. Below, we examine where the system is losing control and how this can be addressed.

NZIA – “Made in Europe” becomes a condition of market participation in the energy sector

The European Union has adopted a strategic course aimed at building its own production capacity in key technology sectors, including energy technologies. This policy is embodied in the Net-Zero Industry Act (NZIA), which redefines the rules of competitiveness, inter alia, in the renewable energy sector. In tenders, auctions and public support schemes, price is no longer the sole criterion for selecting a supplier. The NZIA imposes on contracting authorities and entities administering support schemes an obligation to evaluate bids also on the basis of the origin of the technology and other criteria specified in the Regulation. This change is systemic in nature and will affect all market participants – both producers and purchasers of energy technologies. In this article, I analyse how the new EU regulations will translate into business practice for companies operating in the European market.

WHT – Obligation to verify the beneficial owner status when paying dividends. An advance tax ruling by the Director of the National Revenue Administration Information Centre vs. explanations by the Minister of Finance

A Polish company paying dividends to a foreign parent company based in the EU may be exempt from withholding tax (WHT). When verifying eligibility for this exemption, is the company required to check whether the recipient of the dividend is its beneficial owner (BO)? It transpires that the Director of the National Revenue Administration Information Centre (KIS) and the Minister of Finance offer completely different answers to this question. What does this mean in practice? Let’s take a look.

Banking in 2026: technology, regulation and the new market landscape

The year 2026 will see the banking sector undergo its most dynamic transformation in a decade. The trends identified in Accenture’s Top Banking Trends FY26 report suggest that the sector is entering a phase in which technology and regulation will be inseparable, driving all aspects of change. However, it is regulation that determines the boundaries, pace and manner of implementation for new solutions. We take a look at what else the experts are focusing on.