The first half of 2026 has brought seven debuts on the main market of the Warsaw Stock Exchange, with two newcomers delivering returns exceeding 100 percent. Despite some corrections, investors who entered early are sitting on significant gains.
Only in the first half of 2026, the GPW saw more debuts than in the entire 2025 and as many as in all of 2024. However, most of them were not accompanied by a capital increase, meaning companies did not seek to raise fresh money from investors. Four entities were completely new on the main floor, while three moved from the NewConnect alternative market.
Among the newcomers, two stand out in terms of investor returns. Syn2Bio, a biotech firm spun off from Synektik, debuted in mid-April at a reference price of PLN 23.2 per share. On the first session, no transaction was concluded because demand was roughly five times higher than supply. The following day, the share price surged over 50 percent relative to the issue price. By June 24, one share was trading at almost PLN 52, giving a market cap of PLN 460 million and a 120 percent increase from the issue price.
Quantum leap and space optics
Creotech Quantum, a spin-off from Creotech Instruments focusing on quantum technologies, debuted in April at PLN 123. About a month later, the stock hit a peak of PLN 485, a rally of nearly 300 percent. Since then, a correction has brought the price down to around PLN 320–330, still representing a 170 percent gain from the issue price. Scanway, a producer of satellite optics, started trading at PLN 333, quickly rose to PLN 474, and then corrected to about PLN 300.
– We see clearly growing demand for our solutions, higher than we assumed when publishing our strategy in September 2025. The number of constellation projects and inquiries from international clients confirms that the New Space market is scaling up – said Jędrzej Kowalewski, CEO of Scanway.
Copper ambitions and ammunition woes
The most recent debut is Lumina Metals, a Canadian company dual-listed from Toronto on June 16, with a reference price of PLN 29.8. After an initial 20 percent jump, the stock returned to the starting point and was trading at PLN 29.9 on June 24. The company plans to develop copper and silver deposits in the Lubuskie region and collaborate with KGHM. CEO Jordan Pandoff pointed to the Polish copper tax as a major barrier.
– In Poland, the effective tax rate is about 70 percent. For comparison, in the United States, Canada or Chile it is 30 to 40 percent. A global investor looks at this and decides where to invest – Pandoff stated.
Niewiadów Polska Grupa Militarna, a producer of 155 mm ammunition, moved from NewConnect in April at around PLN 20. But a month ago, one shareholder sold 12 million shares at PLN 13, sending the price down to about PLN 14. One More Level, a game developer, also moved from NewConnect in January and is preparing the release of Valor Mortis for October 2026.
Źródło: WNP.PL, Fot. MOZCO / Shutterstock
