Firms To Watch: Capital markets

Rafał Wojciechowski leads the capital markets group at Filipiak Babicz Legal sp. k.; the department was established in October 2022 and has a focus on regulatory mandates, as well as providing clients with representation in investigations and criminal proceedings.

Capital markets in Poland

Baker McKenzie Krzyzowski i Wspólnicy Sp.k.

Cross-border and multi-jurisdictional listings form a key part of Baker McKenzie Krzyzowski i Wspólnicy Sp.k.‘s renowned capital markets work. Marcin Chyliński is lauded as ‘one of the best capital markets lawyers in Poland‘ and he leads the team alongside the ‘exceptional‘ Michał Głowacki; they are focused on ECM and DCM respectively. On the ECM side, the team is adept at advising on IPOs, secondary offerings and private placements, as well as rights issues, accelerated book buildings, and public M&A transactions. Regarding DCM mandates, key areas of strength include EMTN programmes, convertible and exchangeable bonds, and green bonds. Counsel Katarzyna Grodziewicz is another key member of the team, and counsel Jerzy Bombczyński joined the practice from the Polish Development Fund in December 2022.

Responsables de la pratique:

Marcin Chyliński; Michał Głowacki

Autres avocats clés:

Katarzyna Grodziewicz; Bartosz Ordon; Jerzy Bombczyński

Les références

‘Michał Głowacki is exceptional. Generous with his time and effort to ensure all inquiries are addressed completely and efficiently.’

‘Michał Głowacki from Baker McKenzie is a true trend-setter on this market. Very experienced with a large net of connections with different banks, brokerage houses and investment firms.’

‘Often we rely on Baker’s experience and an excellent assessment of the regulatory and market situation; in our opinion, they are incomparable to other law firms on the market.’

Principaux clients

Huuuge, Inc.

ECHO Investment

Bank Pekao S.A.

BNP Paribas Bank Polska S.A.

mBank S.A.


Trigon Dom Maklerski S.A.

Michael / Strom Dom Maklerski S.A.

Noble Securities S.A.

Matexi Polska Holding & Finance sp. z o.o.

Anwim S.A.

Kernel Holding S.A

IPOPEMA Securities S.A.

Icona Securitization Opportunities Group S.à r.l.

PKO Bank Polski S.A.

Polska Grupa Farmaceutyczna S.A.

Shareholders of Benefit Systems S.A.

Santander Bank Polska S.A.

Morgan Stanley


Principaux dossiers

  • Advised arrangers and consortium members on Cyfrowy Polsat’s PLN2.67bn public issuance of sustainability-linked bonds compliant with the ICMA standard.
  • Advised Huuuge, Inc. on the process of purchasing the company’s own shares, listed on the Warsaw Stock Exchange, by way of a time-limited share buy-back.
  • Advised Kernel Holding S.A. on a PLN559.6m tender offer for Kernel’s shares listed on the Warsaw Stock Exchange.

Clifford Chance

Clifford Chance‘s capital markets practice is divided into two distinct teams. Grzegorz Namiotkiewicz chairs the DCM group, which provides clients with support across all types of bonds and securities, as well as co-heading the firm’s banking and finance department, while ‘highly recommended’ counsel Jarosław Lorenc leads the ‘very experienced and motivated ECM team’, which frequently handles both public M&A transactions and the public offering of shares on a domestic and international level. Aleksandra Rudzińska was promoted to counsel in May 2023 and she is another core member of the DCM team.

Responsables de la pratique:

Grzegorz Namiotkiewicz; Jarosław Lorenc

Autres avocats clés:

Aleksandra Rudzińska; Agnieszka Janicka; Katarzyna Aleksandrowicz; Miłosz Gołąb

Les références

‘Very efficient and problem-solving attitude. Exceptional accessibility. Overall impressive.’

‘Jarosław Lorenc is highly recommended. Extremely knowledgeable, service minded and effective. Always has the answers to questions.’

‘Very experienced and motivated ECM team. Depth of the team and full coverage of ECM.’

Principaux clients

BNP Paribas

Millennium Leasing sp. z o.o.

IPOPEMA Securities

Volkswagen Financial Services

Getin Noble Bank

Deutsche Bank AG

Norsk Hydro

Entain Holdings (CEE) Ltd.


Principaux dossiers

  • Advising Entain Holdings Ltd., a strategic platform established by Entain plc, the global sports betting, gaming, and interactive entertainment group in partnership with EMMA Capital, a Czech investment management company, on the launch of a tender offer to acquire 100% of STS Holdings S.A, a publicly listed company on the Warsaw Stock Exchange, for a total consideration of approximately £750m.
  • Advising Norsk Hydro, a major aluminium and energy company, on a tender offer for the purchase of all the shares in Alumetal, a large producer of casting aluminium alloys in Europe.
  • Advising Volkswagen Financial Services on its first securitisation transaction in the Polish market, where Volkswagen Financial Services Polska Sp. z o.o. acted as Originator and Seller of Polish law lease receivables in a total programme amount of up to PLN3bn.

Greenberg Traurig Nowakowska-Zimoch Wysokinski Sp. k

Greenberg Traurig Nowakowska-Zimoch Wysokinski Sp. k boasts ‘unparalleled experience with equity capital markets transactions in Poland’ and, in particular, has significant experience in expertly handling Polish IPOs. Paweł Piotrowski is praised as ‘one of the best ECM counsels in Poland’, and he co-leads the team alongside Rafał Sieński, who is active in key mandates of the firm, including IPOs, share offerings, and public tenders. Other notable names include Andrzej Wysokiński, who specialises in DCM work, and regulatory expert Łukasz Pawlak.

Responsables de la pratique:

Paweł Piotrowski; Rafał Sieński

Autres avocats clés:

Andrzej Wysokiński; Łukasz Pawlak; Daniel Kaczorowski; Mateusz Zaleński

Les références

‘Paweł Piotrowski is one of the best ECM counsels in Poland. Fine negotiator, dedication, practical approach, extremely experienced. It is always a pleasure to work with Paweł.’

‘Unparalleled experience with equity capital markets transactions in Poland, and able to advise issuers and banks seamlessly on difficult matters of law and common practice in a way that is clear to both domestic and international players.’

‘Very broad experience across sectors and products. Great global connectivity and collaborations with other law firms. Particular strength in real estate.’

Principaux clients

The Polsat Plus Group

PCF Group


KI Chemistry

Goldman Sachs



BNP Paribas

Erste Securities

Wood & Company

Trigon DM



Principaux dossiers

  • Advised the Polsat Plus Group on its listing on the Warsaw Stock Exchange as the first Polish company issuing sustainability-linked bonds according to the international ICMA standard.
  • Advised PCF Group on its public offering of newly issued shares.
  • Assisted CCC S.A. with the process of issuing and offering 14 million new shares, allowing CCC S.A. to raise more than PLN500m.

White & Case M. Studniarek i Wspólnicy - Kancelaria Prawna sp.k.

Marcin Studniarek chairs the ‘exceptionally experienced’ capital markets practice at White & Case M. Studniarek i Wspólnicy - Kancelaria Prawna sp.k., which advises on both ECM and DCM transactions, including IPOs, secondary equity offerings, and share tender offers, as well as EMTNs and high-yield and covered bonds. Its impressive client roster consists of clients with global equity offerings and bond issues. The practice also benefits from the ability to utilise the firm’s debt finance practice, led by Grzegorz Abram. Rafał Kamiński and Bartosz Smardzewski are notable names, with the former possessing expertise in the law of joint-stock companies, and the latter being active in EMTN programmes and mortgage covered bond issues. In team news, January 2023 say the promotion of Monika Dużyńska to partner.

Responsables de la pratique:

Marcin Studniarek

Autres avocats clés:

Rafał Kamiński; Andrzej Sutkowski; Bartosz Smardzewski; Monika Dużyńska; Grzegorz Abram

Les références

‘An exceptionally experienced team with a very good understanding of the business environment and commercial issues.’

‘Andrzej Sutkowski demonstrates a very good understanding of business issues and is a great support for the client, not only in legal, but also business matters.’

‘Unrivalled experienced in M&A and capital markets. The go-to address for holistic advice.’

Principaux clients

STS Holding

Columbus Energy

Citigroup Global Markets Europe


W.A.G payment solutions



XTB and XX ZW Investment Group

The State Treasury of the Republic of Poland

PKO Bank Hipoteczny

Bank Gospodarstwa Krajowego

Bank Polska Kasa Opieki


PKO Bank Polski

Pekao Investment Banking

Banco Santander

Erste Group Bank

Société Générale

UniCredit Bank

Landesbank Baden-Württemberg

Principaux dossiers

  • Advised STS Holding and its majority shareholders on the sale of all their shares in the company to Entain Holdings CEE.
  • Advised Columbus Energy on the admission and listing of all the company’s shares on the Warsaw Stock Exchange main market and transfer of the shares from the NewConnect alternative market.
  • Advised the State Treasury of the Republic of Poland, represented by the Minister of Finance, on two bond issuances of $8bn.

A&O Shearman

The capital markets team at A&O Shearman is highly experienced at advising on the entire spectrum of debt instruments which are available to Polish issuers, including corporate bonds and complex instruments issued on international markets. The practice is also especially skilled in supporting banks and issuance companies with the issuance of debt instruments, including regulatory capital instruments and covered bonds. Of recent note, the firm was active in the financing for the Ukraine Support Fund. Counsel Łukasz Walczyna leads the team and he is ably supported by Bartosz Jagodziński.

Responsables de la pratique:

Łukasz Walczyna

Autres avocats clés:

Bartosz Jagodziński

Les références

‘Good people, stable team, and very straightforward documentation.’

‘Flexibility in terms of timetable and ability to adjust into every timetable.’

Principaux clients

Santander Bank Polska

Bank Millennium

PKO Bank Polski

Polski Fundusz Rozwoju

Alior Bank

Bank Gospodarstwa Krajowego

ING Bank Hipoteczny

PKO Bank Hipoteczny

Millennium Bank Hipoteczny

Bank Pekao



ING Bank Śląski

PGE Polska Grupa Energetyczna


European Investment Bank

Principaux dossiers

  • Advised PKO Bank Polski on establishing a €4bn EMTN programme and a €750m drawdown under the programme.
  • Advised European Investment Bank on subscribing for €1.2bn notes issued by Bank Gospodarstwa Krajowego to finance the Ukraine Support Fund.
  • Advised PKO Bank Hipoteczny on the issuance of €500m green covered bonds arranged by Banco Santander, Erste, LBBW, PKO Bank Polski, and UniCredit.


Rafał Zwierz leads the ECM group at CMS, which is adept at advising clients on IPOs, secondary public and private placements, and securitisation projects. Counsel Michał Śmiechowski ‘has an exceptionally long track-record on debt capital market mandates’, and he spearheads the DCM team alongside banking and finance head Michał Meżykowski; this offering encompasses advice to issuers, investors, investment banks, and other financial institutions on issuing debt financial instruments, including bonds, bank securities, covered bonds, and bills of exchange. In team news, Ryszard Manteuffel joined the team from Deloitte Legal, Ostrowski, Gizicki i Wspólnicy sp.k. in March 2024.

Responsables de la pratique:

Rafał Zwierz; Michał Mężykowski; Michał Śmiechowski

Autres avocats clés:

Magdalena Zmysłowska; Monika Szczotkowska; Przemysław Kopka; Ryszard Manteuffel

Les références

‘Excellent practice and industry knowledge, as well as market practice. Excellent legal knowledge, constant development of knowledge. Good communication skills, and the firm accommodates business needs to solutions.’

‘Extensive legal knowledge accompanied with experience and market practice. The partners are available, responsive, meeting the agreed timeline. And so are associates.’

‘There are able to adapt to our needs. They combined the teams for banking and financing and bond issuance to provide us with bonds having LMA provisions.’

Principaux clients

Passus S.A.

Namsen Limited

InPost S.A.

Grupa Azoty S.A.

Grupa Azoty Zakłady Chemiczne „Police” S.A.

Principaux dossiers

  • Advised Passus S.A. on its initial public offering and the introduction of its shares to trading on the main market of the Warsaw Stock Exchange.
  • Advised Namsen Limited on the delisting tender offer of the Kernel Holding’s shares on the Warsaw Stock Exchange, launched by the main shareholder, Namsen Limited.
  • Advised Bank Gospodarstwa Krajowego on its issuance of samurai bonds with a nominal amount of JPY93bn on the Japanese market.


Dentons possesses ‘good knowledge of local Polish capital markets’ on both the equity and the debt side of capital markets work, as well as related regulatory mandates. International issuers are counted amongst its varied client base, in addition to major investment banks and other financial institutions. With five offices across the CEE region, the firm is well placed to provide advice on cross-border mandates. Practice head Jakub Celiński boasts ‘very broad experience in capital markets deals’. Paulina Galewska was promoted to senior associate at the start of 2023.

Responsables de la pratique:

Jakub Celiński

Autres avocats clés:

Paulina Galewska

Les références

‘It is good that cross-border transactions are smoothly under their watch, as in each country they have connections.’

‘Response time is quick; clear and understandable answers; flexible team members.’

‘Paulina Galewska has very solid knowledge and expertise, and good responsiveness; excellent lawyer in all respects.’

Principaux clients

Echo Investment


Société Générale


Optima Wind

Photon Energy

GTC Dutch Holdings B.V.

Optima Investment


Principaux dossiers

  • Advised Echo Investment S.A. on its public tender offer for the sale of all shares in Archicom.
  • Advised Comsa on the sale of all shares and bonds, and withdrawal from the investment in Trakcja.
  • Advised Optima Wind, a major Polish renewable energy developer, on the process of issuing corporate bonds.

DLA Piper Giziński Kycia sp.k.

The capital markets team at DLA Piper Giziński Kycia sp.k. frequently assists clients with initial and secondary offerings in Poland and other jurisdictions, private placements, and public M&A transactions. Its client roster includes companies from a wide range of sectors, such as construction, manufacturing, retail, media, and technology, as well as e-commerce, insurance, finance, and healthcare and pharmaceuticals.  Jakub Domalik-Plakwicz sits at the helm of the practice, and in team news, senior associate Michał Bałdowski joined the firm from Greenberg Traurig Nowakowska-Zimoch Wysokinski Sp. k in July 2023.

Responsables de la pratique:

Jakub Domalik-Plakwicz

Autres avocats clés:

Wojciech Kalinowski; Marek Kłeczek; Michał Bałdowski; Arkadiusz Karwala

Les références

‘DLA Piper is a legal advisor working in Poland for many years. They are working in many different areas, including capital markets, where they can help in many kinds of transactions.’

‘DLA capital markets team is very well organised, client oriented and consists of many bright lawyers. We appreciate this cooperation a lot. The quality of legal work is very high and always on time.’

‘Jakub Domalik-Plakwicz, Arkadiusz Karwala, and Marek Kłeczek are extremely client oriented, efficient and easy to cooperate with. We as a client have a lot of comfort while working with the DLA team.’

Principaux clients


Liberty Global





Photon Energy

Vita 34


PGS Software



Principaux dossiers

  • Advising Polenergia S.A. on all legal aspects of the ongoing process of increasing the client’s share capital by issuing new shares and offering them to all shareholders.
  • Advised the Wirtualna Polska Group on the conclusion of a conditional agreement with, among others, funds managed by PortfoLion Capital Partners to acquire the Szallas Group, which owns travel platforms for booking accommodation in Hungary, the Czech Republic, Romania, Poland and Croatia.
  • Advising TIM S.A.on all legal aspects of the announced review of strategic options regarding the future of the TIM Capital Group and the conclusion of an investment agreement with FEGA & Schmitt Elektrogroßhandel on the launch of a tender offer for 100% of the shares of TIM.

DWF Poland Jamka Sp.k

Managing partner Michał PawłowskiFilip Urbaniak, and Rafał Wozniak are the senior contacts in the capital markets practice at DWF Poland Jamka Sp.k. Key areas of work for the group include assisting with IPOs, advising clients on the acquisition of listed companies, supporting with the preparation of tax effective structures, and handling securities law mandates. Its client roster is broad ranging, and encompasses issuers, underwriters, selling shareholders, and sponsors, in addition to arrangers, lead managers, originators, dealers, trustees, and depositaries.

Responsables de la pratique:

Michał Pawłowski; Filip Urbaniak; Rafał Woźniak

Autres avocats clés:

Lech Najbauer; Krzysztof Kropidłowski; Mateusz Bąk; Patrycja Figuła

Les références

‘Rafał Woźniak has good knowledge and an interpersonal approach.’

Principaux clients

PGE Polska Grupa Energetyczna S.A.

Transition Technologies S.A.



Columbus Energy S.A.

Wittchen S.A.

Principaux dossiers

  • Advised Gold Town Inv. Limited on the sale of a part of its shares in Wittchen S.A. through an accelerated book-building process.


SSW‘ ‘very knowledgeable and experienced capital markets team’ specialises in assisting companies in the gaming, IT, and new technologies industries with their IPO processes, in addition to handling corporate bonds. Wojciech Szczepaniak leads the team with expertise in capital markets regulations. Qualified in Poland, as well as England and Wales, Mateusz Chmielewski is another notable name in both the equity and debt capital markets spaces.

Responsables de la pratique:

Wojciech Szczepaniak

Autres avocats clés:

Mateusz Chmielewski; Dawid Brudzisz; Witold Oszczanowski

Les références

‘Mateusz Chmielewski is very commercial and has a great legal mind. Great all-rounder. Very client-focused and perceptive; the sort of lawyer clients want to have on their side.’

‘Top-drawer team with unique team spirit, strong experience and competencies.’

‘SSW’s team is very good. Comprehensive advice which is also to the point.’

Principaux clients

J.P. Morgan

Bank of America

Marie Brizard Wine & Spirits S.A.

Work Service S.A.

Benefit Systems S.A.

UBS AG Group


Ipopema TFI


Michael/Strom Obligacji Korporacyjnych FIZ

Stelmet S.A.

Master Pharm S.A.

WDB Brokerzy Ubezpieczeniowi S.A.

BoomBit S.A.

Ferrum S.A.

Games Operators S.A.

Brand24 S.A.

Ten Square Games S.A.


PlayWay S.A.

SpyroSoft S.A.

Big Cheese Studio S.A.

JR Holding S.A.

Event Horizon S.A.

HiProMine S.A.

Erato Energy S.A.


Zakłady Przemysłu Cukierniczego „Otmuchów” S.A.


Cloud Technologies S.A.

Starward Industries S.A.

Inno-Gene S.A.

Adriana SA

Debt Clients

Meyra Group S.A.

Fabryki Sprzętu i Narzędzi Górniczych Grupa Kapitałowa FASING S.A.

Paged S.A.

Rank Progress S.A.

Erbud S.A.

Bioeton S.A.

Famur S.A.

Capital Park S.A.

Vantage Development S.A.

VEHIS Sp. z o.o.

Holiday Park & Resort sp. z o.o.

BBKW Sp. z o.o.

Principaux dossiers

  • Advised DB Energy S.A. on the company’s IPO.
  • Advised a client on introducing the Cloud Technologies’ shares to the WSE.
  • Advised Soltex Holding Sp. z o.o. on the issuance of bonds.

act BSWW legal & tax

The ‘very experienced‘ capital markets team at act BSWW legal & tax frequently assists both domestic and international clients with debt issuances, equity offerings, and complex securities transactions, as well as regulatory compliance matters. Managing partner Piotr Wojnar heads up the ECM practice, which advises on capital raising and buyouts, while managing partner Piotr Smołuch spearheads the DCM team, which expertly handles bonds, loans, and private placements.

Responsables de la pratique:

Piotr Smołuch; Piotr Wojnar

Autres avocats clés:

Janusz Szeliński; Sebastian Sury; Łukasz Piekarski; Łukasz Świątek; Łukasz Polak; Diana Dzwonkowska-Palinka

Les références

‘Hard working, focused team. Professionally knowing what to do to close transactions.’

‘Understanding of our needs. Focused team delivering results.’

‘Very experienced team with established practice in drafting the bonds prospectus and having it approved by KNF. The team also reacted properly in an unusual and unexpected situation.’

Principaux clients

Seidorf Mountain Resort sp. z o.o.

Okam Incity sp. z o.o. S.K.A.

6b47 Poland 4 sp. z o.o.

Develia S.A.

Vespera Capital sp. z o.o.

R22 Development sp. z o.o.

Imperial Capital Pękowicka sp. z o.o.

Arthouse 6 Holding sp. z o.o.

Kallisto 17 sp. z o.o.

Solanti Sp. z o.o.

MA Investment Sp. z o.o.

Dekpol S.A.

Ronson Development SE

Victoria Dom S.A

Seed Capital sp. z o.o.

Elektrotim S.A.

Vesta Capital sp. z.o.o

Principaux dossiers

  • Advised Ronson Development SE on the process of preparing and conducting the issuance programme of the company’s bonds, requiring the approval of the prospectus by the Polish Financial Supervision Authority, and subsequently the public offering of the company’s bonds, as well as the application for admission and introduction of the company’s bonds to trading on the Alternative Trading System market operated by the Warsaw Stock Exchange within the Catalyst system.
  • Advised 6b47 Poland 4 sp. z o.o. on a bond issue for the purpose of investment.
  • Advised Develia S.A. on a bond issue for the purpose of investment.

Domanski Zakrzewski Palinka

Domanski Zakrzewski Palinka is notable for its expertise in advising on bond issues surrounding infrastructure projects, in addition to providing support to start-ups and venture capital projects. Another significant element of the firm’s offering is its ability to handle transactions regarding debt instruments, as well as advising financial institutions on regulatory issues. Andrzej Foltyn, a securities and capital markets specialist, helms the practice. Rafał Grochowski is another key name, as is regulatory expert Magdalena Skowronska.

Responsables de la pratique:

Andrzej Foltyn

Autres avocats clés:

Rafał Grochowski; Magdalena Skowrońska; Piotr Jackowski; Maciej Zajda

Les références

‘Multidisciplinary practice with unique business sense and wide portfolio of experts ensuring that all the competencies needed in processes are there.’

‘Smooth collaboration, fair and clear settlements with clients.’

‘Maciej Zajda has a hands-on approach, good business sense, and flexible and professional attitude.’

Principaux clients

Square Enix Ltd.

Getin Holding S.A.

Bank Polska Kasa Opieki S.A.



Razer Inc.


DNB Bank Polska S.A.

MW Trade

Infravia Growth Fund

OÜ Blite Fund

Digital Bros




Engie Zielona Energia

Oasis Diagnostics

Principaux dossiers

  • Advised NASDAQ-listed Efecte PLC on the capital markets and corporate aspects of the acquisition of Polish public company InteliWISE S.A.
  • Advised Bank Pekao S.A. on purchasing revenue bonds issued by Gdańskie Autobusy I Tramwaje sp. Z o.o. with funds to finance the purchase of electric buses and bus charging infrastructure.
  • Avised TenderHut on a process to list and admit its shares to trading on the Main Market of the Warsaw Stock Exchange.

GESSEL Attorneys at Law

GESSEL Attorneys at Law is lauded for its ‘unmatched expertise in the area of Polish capital markets regulations’. IPO, SPF, FPO, and public offering mandates are also all within the strong capabilities of the team, which predominately advises Polish public companies, investment banks, and brokerage houses. Leszek Koziorowski and Krzysztof Marczuk jointly chair the department, and they are ably supported by senior associate Michał Wieliński, who is praised for his ‘deep understanding of the legal framework governing various types of Polish capital markets transactions’.

Responsables de la pratique:

Leszek Koziorowski; Krzysztof Marczuk

Autres avocats clés:

Magdalena Szeplik; Michał Wieliński; Jakub Rowicki

Les références

‘Our experience with this law firm has been nothing short of outstanding. What makes their team unique is their unmatched expertise in the area of Polish capital markets regulations, coupled with their strong understanding of the biotech/pharma and medtech sectors.’

‘Krzysztof Marczuk and Magdalena Szeplik are definitely individuals that stand out. They are very knowledgeable in capital markets and extremely responsive; working with them is pure pleasure as I don’t have to worry about legal matters and can 100% focus on other aspects being very confident that they will take care of everything with minimum involvement from my side.’

‘Prospective clients will undoubtedly find the team appealing to work with. They not only have a deep understanding of capital markets regulations and know how to communicate effectively with the local financial supervision authority, but they also possess practical knowledge of the operation and risks facing life sciences companies.’

Principaux clients

Cavatina Holding S.A.

DataWalk S.A.

Medicalgorithmics S.A.

Urteste S.A.

Suwary S.A

Pure Biologics S.A.

Bioceltix S.A.

Genomtec S.A.

Caspar Asset Management S.A.

Kredyt Inkaso S.A.

Polski Fundusz Rozwoju

ExpertSender S.A.


Vercom S.A.

WPD Pharmaceuticals S.A

Principaux dossiers

  • Advised Cavatina Holding S.A. on two separate bond issue programmes with a total value of PLN350m.
  • Advised Urteste S.A. on IPO processes.
  • Advised Pure Biologics S.A. on a public offer.

Gide Loyrette Nouel

Gide Loyrette Nouel is well known for its work in the DCM space, advising issuers, investors, investment banks, and other financial institutions on debt securities. It is also highly adept in the ECM arena, supporting clients with IPOs, public take-overs, and share buy-backs, and is also noted for its expertise in compliance-related mandates. Paweł Grześkowiak heads up the practice. Dawid Van Kędzierski, who was promoted to counsel in April 2023, is lauded for his ‘deep understanding of the complex and evolving regulations and trends in this highly dynamic sector’.

Responsables de la pratique:

Paweł Grześkowiak

Autres avocats clés:

Dawid Van Kędzierski

Les références

‘Dawid Van Kędzierski was always ready to help and provide tailor-made solutions, which was possible due to his solid knowledge of the industry specifics.’

‘Gide Loyrette Nouel is a good law firm with a long presence in Poland and good standing.’

‘I have had the privilege of knowing Dawid Van Kędzierski for several years, and I am continually impressed by his extensive knowledge and exceptional skills in the field of capital markets.’

Principaux clients

KGHM Polska Miedź S.A.

Orlen S.A.

Polskie Górnictwo Naftowe i Gazownictwo S.A.

Kulczyk Investments


Principaux dossiers

  • Advised ORLEN, Grupa Lotos and PGNiG on their three-way public merger aimed at creating a multi-energy conglomerate.
  • Advised KI Chemistry on the take-private deal for Ciech S.A., a chemicals company listed on the Warsaw Stock Exchange, in which KI Chemistry is the majority shareholder.
  • Advised Sanofi on its Action 2023 employee share ownership plan with a value of up to €800m.


The capital markets team at Linklaters sits within the firm’s wider wider corporate and M&A department, which is headed up by Daniel Cousens. Managing associate Szymon Renkiewicz chairs the ECM work. The practice frequently collaborates with the firm’s banking and finance team, led by Marta Domino, and its financial regulatory practice, headed up by Marcin Schulz, which handles DCM mandates. Regulatory work also forms a key part of the firm’s offering.

Responsables de la pratique:

Daniel Cousens; Marta Domino; Marcin Schulz; Szymon Renkiewicz

Principaux clients

ING Bank Śląski S.A.

Bain Capital Credit

Polski Fundusz Rozwoju S.A.

Capitea S.A.

Citigroup Inc.

Principaux dossiers

  • Advised the underwriters on the SEC-shelf update and $3bn SEC-registered note issuances by The State Treasury of Poland, represented by the Minister of Finance.
  • Advised the banks on an update of the EMTN €15bn programme by Bank Gospodarstwa Krajowego.

Rymarz Zdort Maruta

Rymarz Zdort Maruta's team was formed at the beginning of 2023 following the merger of Rymarz Zdort and Maruta Wachta. The practice has a strong focus on ECM mandates, covering Polish and international IPOs, secondary offerings and private placements, and rights issues and accelerated book-building processes. With a focus on ECM and securities regulatory mandates, Ewa Bober jointly leads the department alongside capital markets regulation specialist Filip Leśniak. Managing partner Paweł Zdort is another notable name in the practice.

Responsables de la pratique:

Ewa Bober; Filip Leśniak

Autres avocats clés:

Paweł Zdort; Jacek Zawadzki

Les références

‘Extensive professional practice and extensive knowledge of M&A projects.’

‘High professionalism. Business empathy. A business customer does not feel left alone. High standard of services provided.’

‘Best ECM track record in Poland.’

Principaux clients


Erste Securities Polska S.A.

Atlas Estates Limited


PKO Bank Polski

Principaux dossiers

  • Advising ORLEN S.A. on the public offering of its shares to the shareholders of Grupa LOTOS S.A. in connection with the merger of ORLEN with Grupa LOTOS S.A. and seeking the admission and introduction of such new shares to trading on the regulated market operated by the Warsaw Stock Exchange.
  • Advising ORLEN S.A. on the public offering of its shares to the shareholders of Polskie Górnictwo Naftowe i Gazownictwo S.A. in connection with the merger of ORLEN with PGNiG and seeking the admission and introduction of such new shares to trading on the regulated market operated by the Warsaw Stock Exchange.
  • Advising PKO Bank Polski S.A. on an ABB transaction/block trade concerning the sale of shares in Orlen S.A. to domestic and foreign institutional investors, with a transaction value of more than PLN715m.

WKB Lawyers

WKB Lawyers‘ ECM team frequently advises clients on tender offers for the acquisition of majority stakes in listed companies, as well as take-private processes. The DCM side of the practice undertakes matters regarding bond issues and securitisations, in addition to routine legal services to stock exchange listed companies and investment firms conducting brokerage activity. Marta Midloch in Poznań and Agata Szczepańczyk-Piwek in Warsaw jointly lead the team.

Responsables de la pratique:

Marta Midloch; Agata Szczepańczyk-Piwek

Autres avocats clés:

Jakub Jędrzejak; Monika Obiegło

Les références

‘WKB is well placed to provide a very wide range of legal services of excellent quality. They think out of the box and pay attention to details, not losing the general objective from their sight. It is a pleasure to work with them! Will be coming back with further projects.’

‘Jakub Jędrzejak is an exceptionally good lawyer, a very hands-on partner, with exceptional business approach. His consciousness of the business goals is evident at all stages of the process.’

Principaux clients

mBank S.A.

mBank Hipoteczny S.A.

LCM Partners Limited

Bank Ochrony Środowiska S.A.

Accolade Group

Bank Pocztowy S.A.

Principaux dossiers

  • Advised mBank and mBank Hipoteczny on the issues of covered bonds and bonds with an aggregate nominal value of PLN2.5bn.
  • Advised LCM Partners Limited on a few securitisation transactions where the client acquired receivables portfolios through its non-standardised securitisation closed-end investment fund.

CK LEGAL Chabasiewicz Kowalska i Wspólnicy

CK LEGAL Chabasiewicz Kowalska i Wspólnicy advises on the reorganisations and transformations of companies and capital investors, and its client roster is broad ranging, spanning issuers, shareholders, banks, brokerage houses, and management and supervisory board members. The practice is jointly steered by founding partner Wojciech Chabasiewicz and senior associate Anita Gwóźdź, and the group is also adept at advising start-ups, and private equity and venture capital funds.

Responsables de la pratique:

Wojciech Chabasiewicz; Anita Gwóźdź

Les références

‘The firm’s capital markets practice stands out due to their depth of knowledge in shares, bonds and bond issue programmes on the public and on the private market. The team have a rich history of working on initial public offerings and equity transactions.’

‘The lawyers I worked with possess a depth of knowledge in their field. They take the time to delve deep into the client’s industry, business model, and strategic goals, ensuring that their advice is always tailored and relevant.’

‘Wojciech Chabasiewicz and Anita Gwóźdź deserve appreciation for their knowledge, competence and professionalism. We have been cooperating for many years and I value them, among other things, searching for optimal solutions to our needs.’

Principaux clients S.A.

OLBIS Investments LTD S.A.

Satis Group S.A.

Braster S.A.

Ryvu Therapeutics S.A.

Telemedycyna Polska S.A.

Pragma GO S.A.

Summa Linguae Technologies S.A.


PCC Exol S.A.

Selvita S.A.

PCC Rokita S.A.

Principaux dossiers

  • Advised Kruk S.A. on its tenth public bond issue programme, with a total value of up to PLN700m.
  • Advised Ryvu Therapeutics S.A. on its public offering of series J shares, obtaining PLN250.3m from institutional and individual investors and BioNTech.
  • Advised Summa Linguae Technologies S.A., a language and technology services provider, throughout the process of delisting the company’s shares from trading on the Alternative Trading System on the NewConnect market organised by the Warsaw Stock Exchange, preceded by a squeeze out of the company’s shares.

Deloitte Legal, Ostrowski, Gizicki i Wspólnicy sp.k.

Deloitte Legal, Ostrowski, Gizicki i Wspólnicy sp.k. has a strong focus on ECM mandates, and its offering encompasses advice on IPOs, dual listings of companies on the Warsaw Stock Exchange, regulatory mandates, and buy-back programmes. Following the departure of Ryszard Manteuffel to CMSTomasz Ciećwierz has now assumed sole leadership of the department, which has recently seen particular activity in the biotech and life sciences sectors.

Responsables de la pratique:

Tomasz Ciećwierz

Autres avocats clés:

Mikołaj Chodkiewicz; Łukasz Duchiński; Mariusz Banaś

Les références

‘Very professional, well organised and client oriented team with extensive experience in green bonds. Always providing the highest level of services, efficiently navigating between banking and regulatory issues. A great advantage of the team is the ability to cooperate with demanding clients, even in difficult situations.’

‘Lawyers working at Deloitte provide the highest quality of services. They have extensive legal knowledge and, at the same time, excellent market insight. For me, a great added value was well-developed negotiation skills, which were very helpful in conversations with both clients and their legal advisors, as well as other financing institutions co-financing given projects within consortiums.’

‘I would especially like to highlight and appreciate the cooperation with Mariusz Banaś.’

Principaux clients

Scope Fluidics S.A.

Chatham Financial Europe sp. z o.o.

Baltic Champs Group AB

Ronson Development SE

ZPUE S.A., Koronea sp. z o.o.

NCBR Investment Fund ASI S.A.

RIO ASI sp. z o.o.

Principaux dossiers

  • Advised Scope Fluidics S.A. on its admission to the WSE main market.
  • Advised Koronea, majority shareholder of ZPUE S.A., on a tender offer and squeeze out, and ultimately advised both of them on delisting procedure.
  • Advised Chatham Financial Europe on post-Brexit implications and adjustments related to regulated services, as well as providing ongoing regulatory advice.

Hogan Lovells (Warszawa) LLP

Piotr Zawiślak chairs the capital markets team at Hogan Lovells (Warszawa) LLP , which sits within the firm’s banking and finance department. It often advises arrangers, originators, and trustees on securitisation transactions, and debt restructuring is also a key part of the practice. On the ECM side, the group is active in assisting companies listed on stock exchanges, or those that are planning for listing, with their current activities, disclosure obligations, and corporate organisation.

Responsables de la pratique:

Piotr Zawiślak

Principaux clients

Bank Polska Kasa Opieki S.A.

BNP Paribas Bank Polska S.A.

Santander Bank Polska S.A.


Europejski Fundusz Leasingowy S.A.

Credit Agricole Corporate and Investment Bank

Santander Leasing S.A.


UniCredit Bank AG

Bank Handlowy w Warszawie S.A.

Banco Santander SA

Citibank NA

Principaux dossiers

  • Advising Bank Millennium as originator on a PLN2.5bn synthetic securitisation of loan receivables.
  • Advising Santander Bank Polska S.A. as originator on a PLN2.8bn synthetic securitisation of a loan portfolio.
  • Advising Banco Santander S.A., as arranger, on a PLN1.3bn private cash warehouse securitisation of auto leases originated by Vehis, an Enterprise Investors portfolio company which operates as an online sales platform offering cars together with leasing.

Krzysztof Rożko i Wspólnicy Kancelaria

Krzysztof Rożko i Wspólnicy Kancelaria has ‘outstanding expertise in capital markets law’ and frequently assists issuers with securities and public offerings, in addition to admission to stock market trading. The practice is jointly led by a trio comprising founding partner Krzysztof Rożko, Mariusz Bagiński and Tomasz Kamiński. Regulatory mandates are another area of expertise for the group, as well as crowdfunding.

Responsables de la pratique:

Krzysztof Rożko; Mariusz Bagiński; Tomasz Kamiński

Autres avocats clés:

Nikola Jadwiszczak–Niedbałka; Mariusz Biały

Les références

‘We highly recommend KRW for their outstanding expertise in capital markets law. Over the years, the firm has advised us on numerous legal issues and always provided us with suitable solutions, even for complex transactions. In particular, we would like to highlight the firm’s professional and effective assistance in share issuance and in fulfilling disclosure obligations.’

‘Krzysztof Rożko is a highly qualified and experienced lawyer. We particularly appreciate his creative approach to legal challenges.’

‘Mariusz Bagiński has been advising our company for years, and excels in providing pragmatic solutions to complex legal matters.’

Principaux clients

Centrum Finansowe S.A.

Medicofarma Biotech S.A.

Venture FIZ

Vitama S.A.

Familiar S.A. Sicav-Sif

GPW Private Market S.A.

Principaux dossiers

  • Assisting Giełda Papierów Wartościowych w Warszawie S.A with the process of crowdfunding platform development.
  • Representing Towarowa Giełda Energii S.A. in proceedings to resolve the application of the Law on Access to Public Information dated 6 September 2001 to TGE as a capital market entity.
  • Assisting members of the management board of Centrum Finansowe S.A., which is listed on the NewConnect market, with structuring a motivation programme.

MJH Moskwa, Jarmul, Haladyj i Partnerzy – Adwokaci i Radcowie Prawni sp. p.

MJH Moskwa, Jarmul, Haladyj i Partnerzy – Adwokaci i Radcowie Prawni sp. p.‘s capital markets practice is active in assisting clients with IPOs and SPOs, in addition to public M&A work and regulatory mandates. DCM advice is another area of strength for the group, where its expertise spans bond issuances for issuers and banks. Krzysztof Haładyj and Maciej Wróblewski co-lead the team, which also fields Paweł Cyganik, who was promoted to partner in June 2023.

Responsables de la pratique:

Krzysztof Haładyj; Maciej Wróblewski

Autres avocats clés:

Paweł Cyganik

Les références

‘I was convinced that the issue was taken care of. Advisors thought about next steps and scenarios. I was advised directly and clearly about possibilities and consequences. I was able to address every issue connected more or less with the project.’

‘Direct contact whenever I needed, good project approach, engagement in finding best solutions, good communication, open-minded, and well-prepared materials. Respect for their employees too.’

‘Good solutions and client-oriented approach.’

Principaux clients

Captor Therapeutics S.A.

OT Logistics S.A.

M.W. Trade S.A.

Empik S.A.

GI Group Poland S.A.

Rafako S.A.

SDS Optic S.A.


PKP Cargo S.A.

Trakcja S.A.

Principaux dossiers

  • Assisted GI Group Poland S.A. with their SPO, valued at approximately €15m.
  • Assisted Rafako S.A. with its restructuring.
  • Advised OT Logistics S.A. on the sale of all of its shares held in Luka Rijeka d.d.

Norton Rose Fulbright

Norton Rose Fulbright‘s capital markets team has particular expertise in assisting clients with international bond and notes offerings, especially high-yield bonds and Eurobonds, and it is often instructed by international issuers and underwriters. In team news, Tomasz Rogalski was promoted to partner in January 2023. The senior contacts in the practice are Grzegorz Dyczkowski and Agnieszka Braciszewska.

Responsables de la pratique:

Grzegorz Dyczkowski; Agnieszka Braciszewska

Autres avocats clés:

Tomasz Rogalski

Principaux clients

HSBC Bank Plc

Deutsche Bank

Credit Agricole Corporate and Investment Bank

Polskie Linie Lotnicze “LOT” S.A.

JP Morgan Securities plc

Bank of America Merrill Lynch

TAURON Polska Energia S.A.

Goldman Sachs

Greenyard NV

Oriflame Poland Sp. z o.o.

Export Development Canada

Principaux dossiers

  • Advising Bank Polska Kasa Opieki S.A. on financing for a Luxembourg-based company, MP Inwestors S.à r.l.

Olesinski & Wspolnicy

Olesinski & Wspolnicy acts for clients operating in various sectors, including the e-commerce, new technologies, food, and automotive industries. Key areas of work for the department include issues of shares - such as IPOs, SPOs, and private placements - bond issues, buy-back programmes, incentive programmes, and ESOPs, as well as regulatory mandates. ‘Experienced lawyerMichał Bogacz spearheads the team alongside Magdalena Tyrakowska-Szymczak, and both are based in Wrocław. Cyryl Szudra is another name of note and ‘specialises in commercial law and capital markets law’.

Responsables de la pratique:

Michał Bogacz; Magdalena Tyrakowska-Szymczak

Autres avocats clés:

Cyryl Szudra

Les références

‘They have a well-organised team that is solution-focused and able to deliver on short notice. What’s important is that they are very collaborative and keep their eye on the goal when it comes to closing transactions.’

‘Michał Bogacz is an experienced lawyer that can coordinate complicated transactions.’

‘Cyryl Szudra shows great attention to detail and is able to think outside the box.’

Principaux clients

Lubawa S.A.

Silver Hexarion Holdings Limited

Tarczyński S.A.

Selena FM S.A.



Archicom S.A.


Lokum Deweloper S.A.


Libet S.A.

Ten Square Games S.A.

ATM Grupa S.A.

Impel S.A.

iFirma S.A.

Crist S.A.


Syrius Investments S.a.r.l.

Vantage Development S.A.

Polskie Koleje Linowe S.A.

Kolej Gondolowa Jaworzyna Krynicka S.A.


CCC Factory sp. z o.o.

Atal S.A. S.A.

Seacom S.A.

Aztec International S.A.

Erbud S.A.

DataWalk S.A.

Teleste Oyj


IDEA+ S.A., GF Corp sp. z o.o.


Horex sp.j.

Tasomix sp. z o.o.

Principaux dossiers

  • Advised IZOBLOK S.A. on the process of issuing new series E and F shares.
  • Advised INTERSPORT S.A. on the process of issuing new shares, particularly during the notice of intention to issue, and the intercorporate arrangements between the company’s bodies.
  • Advised Fabryka Konstrukcji Stalowych i Maszyn “Spomasz” S.A on the squeeze out of minority shareholders of the company.

SMM Legal

Industries of note for the capital markets group at SMM Legal include energy, manufacturing, technology, and the public sector, and the team predominately assists banks and investment funds. Energy expert Maciej Mataczyński is lauded as an ‘exceptional lawyer’; he leads the team and is ably supported by Tomasz Jaranowski and Mateusz Stańczyk.

Responsables de la pratique:

Maciej Mataczyński

Autres avocats clés:

Aleksander Czech; Tomasz Jaranowski; Mateusz Stańczyk; Magdalena Cisowska; Marcin Czarnecki; Adrian Rycerski

Les références

‘Excellent lawyers, competent and motivated. Pleasure to work with.’

‘Mateusz Stańczyk is an exceptional lawyer with an extensive understanding of business.’

Principaux clients


Giełda Papierów Wartościowych w Warszawie S.A.

National Centre For Research and Development

Grupa LOTOS S.A.

Principaux dossiers

  • Advising ORLEN S.A. on the process of takeover of Grupa LOTOS S.A.
  • Advising ORLEN S.A. on the process of takeover of Polskie Górnictwo Naftowe i Gazownictwo S.A.