P\u0159edstavitel\u00e9 London Stock Exchange p\u0159ijeli do Prahy p\u0159esv\u011bd\u010dit velk\u00e9 \u010desk\u00e9 firmy, aby kapit\u00e1l hledaly v\u00a0Lond\u00fdn\u011b, nikoli v\u00a0Amsterodamu \u010di doma. Burza kv\u016fli upadaj\u00edc\u00ed aktivit\u011b v\u00a0posledn\u00edch letech upravila sv\u00e9 regulace, a\u00a0chce znovu p\u0159il\u00e1kat v\u00edc mezin\u00e1rodn\u00edch hr\u00e1\u010d\u016f. P\u0159\u00edklad \u010desk\u00e9ho Eurowagu v\u0161ak ukazuje, \u017ee vstup na burzu s\u00e1m o\u00a0sob\u011b \u00fasp\u011bch nezaru\u010d\u00ed.<\/p>\n
Delegace lond\u00fdnsk\u00e9 burzy se v\u00a0Praze se\u0161la s\u00a0p\u0159edstaviteli n\u011bkolika velk\u00fdch \u010desk\u00fdch firem. Podle informac\u00ed Seznam Zpr\u00e1v se jedn\u00e1n\u00ed \u00fa\u010dastnily mimo jin\u00e9 Allwyn, provozovatel loteri\u00ed ze skupiny KKCG Karla Kom\u00e1rka, chemick\u00e1 firma Draslovka \u010di rychle rostouc\u00ed online supermarket Rohlik.<\/p>\n
Bez akcion\u00e1\u0159\u016f<\/p>\n
Lond\u00fdn v\u00a0posledn\u00edch letech pro\u0161el rozs\u00e1hlou reformou pravidel, kter\u00e9 maj\u00ed zvr\u00e1tit odklon firem od Lond\u00fdna jako hlavn\u00ed burzy, kde si firmy chod\u00ed pro pen\u00edze na rozvoj.<\/p>\n
\u201ePodle p\u0159edchoz\u00edch pravidel pro k\u00f3tov\u00e1n\u00ed pat\u0159il Lond\u00fdn pravd\u011bpodobn\u011b k\u00a0nejn\u00e1ro\u010dn\u011bj\u0161\u00edm evropsk\u00fdm trh\u016fm, na nich\u017e bylo mo\u017en\u00e9 se k\u00f3tovat. D\u00edky z\u00e1sadn\u00edm reform\u00e1m t\u011bchto pravidel se Lond\u00fdn nyn\u00ed stal jedn\u00edm z\u00a0nejjednodu\u0161\u0161\u00edch trh\u016f,\u201c uvedl v\u00a0rozhovoru se Seznam Zpr\u00e1vami Tom Attenborough, kter\u00fd na lond\u00fdnsk\u00e9 burze vede odd\u011blen\u00ed mezin\u00e1rodn\u00edho rozvoje podnik\u00e1n\u00ed a\u00a0prim\u00e1rn\u00ed trhy.<\/p>\n
Mezi zm\u011bny pat\u0159\u00ed nap\u0159\u00edklad sn\u00ed\u017een\u00ed povinn\u00e9ho free floatu, tedy pod\u00edlu obchodovateln\u00fdch akci\u00ed. Ten klesl z\u00a025\u00a0% na 10\u00a0%, co\u017e v\u00fdrazn\u011b pom\u00e1h\u00e1 zakladatel\u016fm, kte\u0159\u00ed si cht\u011bj\u00ed udr\u017eet kontrolu nad svou firmou. Nov\u011b je tak\u00e9 mo\u017en\u00e9 vyd\u00e1vat akcie s\u00a0r\u016fzn\u00fdmi hlasovac\u00edmi pr\u00e1vy a\u00a0odpadl tak\u00e9 po\u017eadavek na t\u0159\u00edletou historii hospod\u00e1\u0159sk\u00fdch v\u00fdsledk\u016f.<\/p>\n
Je\u0161t\u011b v\u00edc se zm\u011bnila pravidla pro obdob\u00ed po samotn\u00e9m vstupu na burzu. Velk\u00e9 akvizice u\u017e nevy\u017eaduj\u00ed souhlas akcion\u00e1\u0159\u016f hlasov\u00e1n\u00edm, ale sta\u010d\u00ed transakci zve\u0159ejnit a\u00a0poskytnout investor\u016fm ve\u0161ker\u00e9 podklady. Nespokojen\u00fdm akcion\u00e1\u0159\u016fm tak zb\u00fdv\u00e1 mo\u017enost prodat akcie, ale u\u017e nikoliv blokovat strategick\u00e1 rozhodnut\u00ed managementu. K\u00f3tovan\u00e9 firmy toti\u017e dosud \u010dasto prohr\u00e1valy souboje o\u00a0akvizice s\u00a0private equity fondy, kter\u00e9 nepot\u0159ebovaly svol\u00e1vat valn\u00e9 hromady a\u00a0mohly jednat okam\u017eit\u011b. Nov\u011b mohou firmy tak\u00e9 nav\u00fd\u0161it kapit\u00e1l a\u017e o\u00a075\u00a0% st\u00e1vaj\u00edc\u00edho objemu akci\u00ed, ani\u017e by musely vyd\u00e1vat prospekt, p\u0159i\u010dem\u017e d\u0159\u00edve byl strop 20\u00a0%.<\/p>\n
Akciov\u00fd prospekt<\/p>\n
Akciov\u00fd prospekt je ofici\u00e1ln\u00ed dokument, kter\u00fd mus\u00ed firma zve\u0159ejnit, pokud chce nab\u00eddnout sv\u00e9 akcie investor\u016fm prost\u0159ednictv\u00edm burzy. Obsahuje mimo jin\u00e9 popis rizik, faktor\u016f, kter\u00e9 mohou ovlivnit finan\u010dn\u00ed situaci emitenta, a\u00a0informace o\u00a0vlastnick\u00e9 struktu\u0159e v\u010detn\u011b pod\u00edl\u016f a\u00a0pr\u00e1v v\u00fdznamn\u00fdch minoritn\u00edch akcion\u00e1\u0159\u016f, pokud jsou pro investory podstatn\u00e9.<\/p>\n
Nap\u0159\u00edklad glob\u00e1ln\u00ed loterijn\u00ed firma Allwyn \u010desk\u00e9ho miliard\u00e1\u0159e Karla Kom\u00e1rka, s\u00a0jej\u00edmi\u017e akciemi se nyn\u00ed obchoduje na burze v\u00a0Ath\u00e9n\u00e1ch, u\u017e ozn\u00e1mila, \u017ee pl\u00e1nuje p\u0159esun na v\u011bt\u0161\u00ed trh. \u201eSekund\u00e1rn\u00ed listing bude bu\u010f v\u00a0Lond\u00fdn\u011b, nebo New Yorku. Kdy k\u00a0tomu dojde? Moment\u00e1ln\u011b je\u0161t\u011b nem\u00e1me konkr\u00e9tn\u00ed pl\u00e1n, je to dlouh\u00fd schvalovac\u00ed proces. Na \u010desk\u00fd trh se ale nechyst\u00e1me,\u201c uvedla Katarina Kohlmayer, finan\u010dn\u00ed \u0159editelka skupiny KKCG, do n\u00ed\u017e Allwyn spad\u00e1.<\/p>\n
Rohl\u00edk se k\u00a0p\u0159\u00edpadn\u00e9mu vstupu do Lond\u00fdna nevyj\u00e1d\u0159il. Pro \u010deskou chemi\u010dku z\u00a0Kol\u00edna Draslovku je vstup na burzu ot\u00e1zkou nikoli m\u011bs\u00edc\u016f, ale sp\u00ed\u0161e let.<\/p>\n
Obavy \u010desk\u00fdch firem<\/p>\n
P\u0159esv\u011bd\u010dit \u010desk\u00e9 firmy ale nen\u00ed snadn\u00e9. Hlavn\u00ed p\u0159ek\u00e1\u017ekou je samotn\u00e1 kultura financov\u00e1n\u00ed. \u010cesk\u00e9 spole\u010dnosti jsou historicky zvykl\u00e9 na bankovn\u00ed \u00fav\u011bry. Vstup na burzu pro n\u011b znamen\u00e1 nejen jin\u00fd typ kapit\u00e1lu, ale i\u00a0z\u00e1sadn\u00ed zm\u011bnu v\u00a0komunikaci s\u00a0trhem, povinn\u00e9 zve\u0159ej\u0148ov\u00e1n\u00ed informac\u00ed a\u00a0vystaven\u00ed se hodnocen\u00ed analytik\u016f a\u00a0investor\u016f. Pro mnoho majitel\u016f je to psychologick\u00e1 i\u00a0organiza\u010dn\u00ed bari\u00e9ra.<\/p>\n
Stra\u0161\u00e1kem je p\u0159\u00edpad Eurowagu. \u010cesk\u00fd provozovatel platebn\u00edch syst\u00e9m\u016f pro kamionovou dopravu vstoupil na lond\u00fdnskou burzu na konci b\u00fd\u010d\u00edho trhu v\u00a0roce 2021.\u00a0Jeho akcie pak dlouhou dobu stagnovaly a\u00a0nezn\u00e1m\u00e1 firma v\u00a0\u010ceska p\u0159\u00edze\u0148 investor\u016f z\u00edsk\u00e1v\u00e1 teprve v\u00a0posledn\u00ed dob\u011b.<\/p>\n
Dal\u0161\u00ed obavou \u010desk\u00fdch majitel\u016f je podle Attenborougha likvidita a\u00a0viditelnost. Mal\u00e1 firma, kter\u00e1 vstoup\u00ed na velk\u00fd trh, m\u016f\u017ee skon\u010dit bez pov\u0161imnut\u00ed analytik\u016f a\u00a0s minim\u00e1ln\u00edm objemem obchodov\u00e1n\u00ed. Burza je jednozna\u010dn\u011b vhodn\u011bj\u0161\u00ed pro firmy, kter\u00e9 maj\u00ed tr\u017en\u00ed kapitalizaci (tedy hodnotu) alespo\u0148 v\u00a0des\u00edtk\u00e1ch miliard korun.<\/p>\n
\u201eMysl\u00edm, \u017ee v\u00a0\u010cesku existuje ur\u010dit\u00fd narativ, kter\u00fd zn\u00ed: \u201aPokud m\u00e1m p\u0159\u00edstup ke v\u0161emu kapit\u00e1lu, kter\u00fd pot\u0159ebuji a\u00a0pokud nemus\u00edm zve\u0159ej\u0148ovat informace jako ve\u0159ejn\u00e1 spole\u010dnost a\u00a0sn\u00e1\u0161et n\u011bkter\u00e9 nev\u00fdhody k\u00f3tov\u00e1n\u00ed, pro\u010d bych m\u011bl vstupovat na burzu?\u2018,\u201c dod\u00e1v\u00e1 Attenborough. Svou roli hraje i\u00a0post-brexitov\u00e1 nejistota a\u00a0ot\u00e1zka, zda je Lond\u00fdn st\u00e1le relevantn\u00ed z\u00a0glob\u00e1ln\u00edho hlediska.<\/p>\n
Lond\u00fdn versus Amsterodam<\/p>\n
Attenborough uv\u00e1d\u00ed, \u017ee srovn\u00e1n\u00ed s\u00a0amsterodamskou burzou, kter\u00e1 je jej\u00edm hlavn\u00edm evropsk\u00fdm konkurentem, vych\u00e1z\u00ed pro Lond\u00fdn p\u0159\u00edzniv\u011b. \u201eV lo\u0148sk\u00e9m roce jsme zaznamenali 23\u00a0prim\u00e1rn\u00edch emis\u00ed akci\u00ed (IPO), kter\u00e9 vynesly t\u00e9m\u011b\u0159 t\u0159i\u00a0miliardy dolar\u016f (62\u00a0miliard korun). To bylo mnohem v\u00edce ne\u017e na jak\u00e9koli jin\u00e9 evropsk\u00e9 burze. Pro p\u0159edstavu: posledn\u00edch p\u00e1r let bylo IPO n\u00e1ro\u010dn\u00e9, ale Lond\u00fdn si jednozna\u010dn\u011b udr\u017eel svou pozici vedouc\u00edho evropsk\u00e9ho trhu, a\u00a0to jak co do po\u010dtu IPO, tak i\u00a0co do celkov\u00e9ho objemu z\u00edskan\u00e9ho kapit\u00e1lu,\u201c \u0159\u00edk\u00e1 Attenborough.<\/p>\n
Nicm\u00e9n\u011b Euronext jako celek, tedy s\u00ed\u0165 burz zahrnuj\u00edc\u00ed vedle Amsterodamu tak\u00e9 Pa\u0159\u00ed\u017e, Mil\u00e1n, Oslo, Brusel, Dublin a\u00a0Lisabon, v\u00a0lo\u0148sk\u00e9m roce p\u0159iv\u00edtala 50\u00a0nov\u00fdch emis\u00ed akci\u00ed s\u00a0celkovou tr\u017en\u00ed kapitalizac\u00ed 17\u00a0miliard eur (414\u00a0miliard korun) a\u00a0n\u00e1rokuje si pozici nejv\u011bt\u0161\u00ed akciov\u00e9 burzy v\u00a0Evrop\u011b s\u00a0t\u00e9m\u011b\u0159 t\u0159etinou v\u0161ech nov\u00fdch evropsk\u00fdch listing\u016f. <\/p>\n
Euronext<\/p>\n
P\u0159edn\u00ed panevropsk\u00e1 burzovn\u00ed skupina a\u00a0infrastruktura trhu, kter\u00e1 propojuje evropsk\u00e9 ekonomiky s\u00a0glob\u00e1ln\u00edmi kapit\u00e1lov\u00fdmi trhy. Provozuje hlavn\u00ed burzy v\u00a0Amsterodamu, Bruselu, Dublinu, Lisabonu, Mil\u00e1n\u011b, Oslu a\u00a0Pa\u0159\u00ed\u017ei, co\u017e z\u00a0n\u00ed \u010din\u00ed nejv\u011bt\u0161\u00ed m\u00edsto pro k\u00f3tov\u00e1n\u00ed akci\u00ed v\u00a0Evrop\u011b a\u00a0p\u0159edn\u00edho poskytovatele obchodn\u00edch slu\u017eeb.<\/p>\n
P\u0159\u00edm\u00e9 srovn\u00e1n\u00ed Lond\u00fdna s\u00a0Amsterodamem je tedy pon\u011bkud zav\u00e1d\u011bj\u00edc\u00ed, proto\u017ee relevantn\u00edm konkurentem je cel\u00fd Euronext, nikoliv jen jeho amsterodamsk\u00e1 v\u011btev.<\/p>\n
Navzdory tomu lond\u00fdnsk\u00fd trh s\u00e1m o\u00a0sob\u011b za\u017eil obt\u00ed\u017en\u00e9 roky. Podle analytik\u016f z\u00a0Citi byl rok 2025\u00a0pro britsk\u00fd IPO trh \u201ezklam\u00e1n\u00edm\u201c a\u00a0letos to kv\u016fli nejistot\u011b na trz\u00edch nevypad\u00e1 l\u00e9pe. Nap\u0159\u00edklad norsk\u00fd softwarov\u00fd gigant Visma s\u00a0ohodnocen\u00edm kolem 19\u00a0miliard eur si pro sv\u016fj chystan\u00fd listing vybral Lond\u00fdn p\u0159ed Amsterodamem, nicm\u00e9n\u011b vstup na burzu posunul a\u017e na p\u0159\u00ed\u0161t\u00ed rok.<\/p>\n
Lond\u00fdnsk\u00e1 burza p\u0159in\u00e1\u0161\u00ed pro \u010desk\u00e9 firmy velkou nev\u00fdhodu tak\u00e9 v\u00a0tom, \u017ee tzv. du\u00e1ln\u00ed listing v\u00a0Praze (soub\u011b\u017en\u00e9 obchodov\u00e1n\u00ed akci\u00ed) je velmi obt\u00ed\u017en\u00fd. \u201eTo je i\u00a0p\u0159\u00edpad spole\u010dnosti Eurowag, kter\u00e1 je prim\u00e1rn\u011b obchodov\u00e1na v\u00a0Lond\u00fdn\u011b. P\u0159esto\u017ee jsou jej\u00ed akcie zalistov\u00e1ny v\u00a0Praze na trhu Free Market, likvidita z\u016fst\u00e1v\u00e1 omezen\u00e1 pr\u00e1v\u011b kv\u016fli da\u0148ov\u00fdm n\u00e1klad\u016fm spojen\u00fdm s\u00a0p\u0159esuny cenn\u00fdch pap\u00edr\u016f mezi trhy,\u201c uv\u00e1d\u00ed k\u00a0tomu \u0161\u00e9f pra\u017esk\u00e9 burzy Petr Koblic. Listov\u00e1n\u00ed znamen\u00e1 ofici\u00e1ln\u00ed p\u0159ijet\u00ed k\u00a0obchodov\u00e1n\u00ed na burze.<\/p>\n
Naopak u\u00a0emis\u00ed, kter\u00e9 jsou prim\u00e1rn\u011b listov\u00e1ny na trz\u00edch, kter\u00e9 \u017e\u00e1dn\u00e9 bari\u00e9ry nemaj\u00ed, du\u00e1ln\u00ed listing funguje velmi dob\u0159e a\u00a0likviditu v\u00fdznamn\u011b posiluje. P\u0159\u00edkladem jsou podle Koblice tituly jako Erste Group nebo nov\u011b CSG, kter\u00e1 se obchoduje pr\u00e1v\u011b v\u00a0Amsterodamu. \u201eS ohledem na zku\u0161enost Eurowag, fakt, \u017ee Spojen\u00e9 Kr\u00e1lovstv\u00ed ji\u017e nen\u00ed sou\u010d\u00e1st\u00ed Evropsk\u00e9 unie a\u00a0v\u00fd\u0161e uveden\u00e9 da\u0148ov\u00e9 p\u0159ek\u00e1\u017eky, pova\u017euji IPO jak\u00e9koliv evropsk\u00e9 firmy v\u00a0Lond\u00fdn\u011b za pom\u011brn\u011b divok\u00e9 dobrodru\u017estv\u00ed,\u201c dodal Koblic.<\/p>\n","protected":false},"excerpt":{"rendered":"P\u0159edstavitel\u00e9 London Stock Exchange p\u0159ijeli do Prahy p\u0159esv\u011bd\u010dit velk\u00e9 \u010desk\u00e9 firmy, aby kapit\u00e1l hledaly v\u00a0Lond\u00fdn\u011b, nikoli v\u00a0Amsterodamu \u010di…\n","protected":false},"author":2,"featured_media":48950,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[12],"tags":[5001,3944,623,67,68,18305,1522,2111,18304],"class_list":["post-48949","post","type-post","status-publish","format-standard","has-post-thumbnail","category-byznys","tag-allwyn","tag-amsterdam","tag-burza","tag-business","tag-byznys","tag-draslovka","tag-kapitalovy-trh","tag-londyn","tag-rohlik-cz"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@cz\/116368909834699174","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/48949","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/comments?post=48949"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/48949\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media\/48950"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media?parent=48949"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/categories?post=48949"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/tags?post=48949"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}