Capital markets in Poland

Baker McKenzie Krzyzowski i Wspólnicy Sp.k.

Baker McKenzie Krzyzowski i Wspólnicy Sp.k.'s capital markets team advises on the full range of ECM and DCM transactions, including IPOs, secondary offerings, Eurobonds, EMTN programmes, high-yield instruments and ESG-linked issuances. The practice also handles public M&A matters and supports listed companies on disclosure, governance and regulatory obligations. The practice is jointly helmed by Marcin Chyliński, who leads on the ECM side, and Michał Głowacki, who is responsible for the DCM side. Katarzyna Grodziewicz plays a central role in the practice, particularly on share and debt securities issuances. Bartosz Ordon is well-versed in debt instrument offerings.

Praxisleiter:

Marcin Chyliński; Michał Głowacki


Weitere Kernanwälte:

Katarzyna Grodziewicz; Bartosz Ordon


Referenzen

‘The DCM Team provides strong, professional support and is always „Tier 1“ legal advisor being considered.’

‘Michał Głowacki gives the client exceptional comfort of „being taken care of“ in the most professional way. „Best in class“ legal expertise and advice. Bartosz Ordon is very supportive and helpful.’

‘The legal team is committed to creating a smooth and comfortable working environment for all transaction parties.’

Kernmandanten

JP Morgan


Ghelamco Invest


MidEuropa


Bank Pekao


Goldman Sachs


Benefit Systems


Wirtualna Polska


Enterprise Investors


Europejski Fundusz Leasingowy


Santander Bank Polska


Highlight-Mandate


  • Advised the underwriters, led by Goldman Sachs Bank Europe SE and J.P. Morgan SE as joint global coordinators, on Polish law in connection with the IPO of shares of Zabka Group (Żabka Polska).
  • Advised Bank Pekao S.A. on the issuance of senior non-preferred eurobonds worth EUR 500m with an interest rate of 4.00%, due to 2030, offered in accordance with Regulation S, under the EMTN program.
  • Advised the selling shareholder, MidEuropa, in connection with the IPO of Diagnostyka S.A. shares with a total value of nearly PLN 1.7bn (USD 452m).

Clifford Chance, Janicka, Kruzewski, Stosio i wspólnicy spólka komandytowa

Clifford Chance, Janicka, Kruzewski, Stosio i wspólnicy spólka komandytowa advises on the full spectrum of DCM and ECM matters, including high-value bond issuances, regulatory capital instruments, green bonds, EMTN programmes, major share offerings and public M&A. Forming the head of the practice are Miłosz Gołąb, who is highly skilled in the issuance of debt securities; Aleksandra Rudzińska, who has significant experience in green bond issuances and EMTN issuance programmes; Agnieszka Janicka, who is well-versed in Eurobonds and domestic bonds; and Jarosław Lorenc, who is active in ECM-related work.

Praxisleiter:

Miłosz Gołąb; Aleksandra Rudzińska; Agnieszka Janicka; Jarosław Lorenc


Weitere Kernanwälte:

Grzegorz Namiotkiewicz


Kernmandanten

mBank S.A.


IPOPEMA Securities


Bank Millennium S.A.


Echo Investment S.A.


Commerzbank


Santander Bank Polska S.A.


Bank Pekao S.A.


BNP Paribas


Deutsche Bank


Citi


Allegro.eu


Filipiak Family – majority shareholders of Comarch S.A.


Total Specific Solutions


Waterland Private Equity


Citibank Europe Plc


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Greenberg Traurig Nowakowska-Zimoch Wysokinski Sp. k

Greenberg Traurig Nowakowska-Zimoch Wysokinski Sp. k’s capital markets practice advises clients on all types of Polish and cross-border equity and debt transactions, including IPOs, follow-on offerings, block trades, accelerated bookbuilds, takeovers, and delistings. The practice also advises on securities disclosure, stock exchange compliance, and corporate governance matters for public companies. Rafał Sieński and Paweł Piotrowski co-head the group, with Sieńsk specialising in public and private offering of equity and debt securities, and Piotrowski excelling in IPOs, secondary offerings and ABBs. Andrzej Wysokiński and Łukasz Pawlak are both also key members of the team.

Praxisleiter:

Rafał Sieńsk; Paweł Piotrowski


Weitere Kernanwälte:

Andrzej Wysokiński; Łukasz Pawlak; Mateusz Zaleński; Grzegorz Socha


Referenzen

‘One of the leading capital markets legal teams in Poland.‘

‚Always well-prepared, delivering as per defined deadlines and ready to provide a comprehensive advice on a live project.’

‘Paweł Piotrowski, capital markets partner, is one of the most experienced lawyers on equity capital markets in Poland. Always a pleasure to have him on a live project as this frequently allows to progress and successfully close the project; always available for ad-hoc discussions and always involved on every stream of the project.

Kernmandanten

Banco Santander S.A.


Bank Pocztowy S.A.


Benefit Systems S.A.


CCC S.A.


Cerberus


CVC Capital Partners


Diagnostyka S.A.


Elektromontaż-Poznań S.A.


Shareholders of Shoper S.A.


Shoper S.A.


VeloBank


Zabka Group


Highlight-Mandate


  • Advised Diagnostyka S.A. on the initial public offering of the company’s shares and the admission of some shares to trading on the regulated market operated by the Warsaw Stock Exchange.
  • Advised Zabka Group (the issuer) and CVC Capital Partners (the principal selling shareholder) on the initial public offering of shares in Zabka Group and their admission to trading on the regulated market operated by the Warsaw Stock Exchange.
  • Advised CVC Capital Partners in connection with its takeover of Comarch S.A.

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

Covering the full spectrum of debt financing matters, White & Case M. Studniarek i Wspólnicy - Kancelaria Prawna sp.k. is active in traditional bond issuances, as well as mortgage covered bonds, high-yield bonds, and EMTN programmes. Equity offerings and IPOs also form part of its portfolio of expertise. Marcin Studniarek helms the practice and advises on ECM and DCM transactions for a large range of companies, banks and investors. Standout features of the team include Rafał Kamiński, who is highly experienced in IPOs and other ECM offerings; Bartosz Smardzewski, who is knowledgeable of EMTN programmes; Monika Dużyńska, who is the go-to for IPO, SPO, and ABB transactions; and Damian Lubocki, who is well-versed in regulatory matters.

Praxisleiter:

Marcin Studniarek


Weitere Kernanwälte:

Rafał Kamiński; Andrzej Sutkowski; Bartosz Smardzewski; Monika Dużyńska; Damian Lubocki


Referenzen

‘Great teams, huge knowledge.’

‘Experience and knowledge.’

‘One of the leading capital markets teams in Poland.‘

Kernmandanten

P4 sp. z o.o. (PLAY)


Ministry of Finance of the Republic of Poland


Bank Gospodarstwa Krajowego (BGK or Polish Development Bank)


Citigroup Global Markets Limited


ORLEN S.A.


mBank S.A.


PKO Bank Polski S.A.


PKO Bank Hipoteczny S.A.


Banco Santander S.A.


Santander Bank Polska S.A.


Comarch S.A.


Asseco Poland S.A.


XX ZW Investment Group S.A. (XTB S.A.)


CCC S.A.


JPMorgan Chase & Co.


Jefferies GmbH


Wood & Company Financial Services, a.s.


Citigroup Global Markets Limited


UniCredit Bank AG


Highlight-Mandate


A&O Shearman

With a focus on the debt capital markets, A&O Shearman has experience in cross-border work such as Eurobond issuances, EMTN programme updates, and covered bond transactions. The group also supports domestic issuers on local note programmes and regulatory capital instruments. Arkadiusz Pedzich and Łukasz Walczyna form the duo responsible for heading the team. Walczyna boasts extensive capital markets expertise, notably in debt, covered bonds, regulatory capital issuances and structured finance transactions.

Praxisleiter:

Arkadiusz Pędzich; Łukasz Walczyna


Referenzen

‘We highly value our cooperation with A&O Shearman, whose legal expertise, responsiveness, and practical approach have consistently supported the smooth and efficient execution of our bond issuances. Their ability to combine international standards with local insight makes them a trusted and reliable partner.’

‘We appreciate the cooperation with Łukasz Walczyna, whose professionalism, precision and responsivity have been invaluable. His practical, solution-oriented advice and excellent coordination with all parties involved makes him highly trusted legal advisor.’

‘The capital markets team in Poland has an extensive knowledge of securities transactions on the local market. However, with its global presence and a full-service securities law capabilitie,s the A&O team can provide integrated legal advice covering also international offerings across other jurisdictions.’

Kernmandanten

The State Treasury of the Republic of Poland


Bank Gospodarstwa Krajowego


PKO Bank Polski


ING Bank Hipoteczny


Bank Millennium


European Investment Bank


BNP Paribas Bank Polska


Millennium Bank Hipoteczny


Alior Bank


RCI Leasing Polska


Bank Pekao S.A.


Danske Bank


Santander Bank Polska


UniCredit


LBBW


Highlight-Mandate


CMS

CMS’ capital markets practice is recognised for its comprehensive support to issuers and financial institutions across the full spectrum of ECM and DCM activity, combining deep transactional capability with regulatory expertise. Areas of expertise include IPOs, secondary offerings, and governance support on the equity side, as well as advising on bonds, bank securities, and bills of exchange on the debt side. Sławomir Czerwiński and Michał Śmiechowski jointly head up the team, with Czerwiński leading the broader corporate M&A department, and Śmiechowski leading on the DCM work. Ryszard Manteuffel is a key name for ECM matters.

Praxisleiter:

Sławomir Czerwiński; Michał Śmiechowski


Weitere Kernanwälte:

Ryszard Manteuffel; Magdalena Zmysłowska; Łukasz Duchiński; Marcin Krzemień


Referenzen

‘Great knowledge of law and market practice. Pro-business approach. Availability and timely responses.’

‘Michal Smiechowski is a partner in capital markets. He has a business approach, gives quality and trustworthy. Works with difficult timelines. Great legal expertise combined with practice. Great communication skills.’

‘Magdalena Zmyslowska. Quality of advice. Work ethics. Fun to work with.

Kernmandanten

InPost


Grupa Azoty S.A.


STAR Pedal II


A&R Investments Limited


Dom Development S.A.


Oponeo.pl S.A.


Drozapol Profil S.A.


Fidelity Funds


Rio ASI


Chatham Financials


Pepco


Krynica Vitamin S.A.


InPost


Grupa Azoty S.A.


STAR Pedal II


A&R Investments Limited


Dom Development S.A.


Oponeo.pl S.A.


Drozapol Profil S.A.


Fidelity Funds


Rio ASI


Chatham Financials


Pepco


Krynica Vitamin S.A.


mBank S.A.


Volkswagen Financial Services Polska Sp. z o.o.


Haitong Bank


Bank Pekao S.A.


PKO BP S.A.


ING Bank Polska S.A.


Bank Gospodarstwa Krajowego


Żabka Polska Sp. z o.o.


Zabka Group S.A. (a Luxembourgish company)


Highlight-Mandate


  • Advised A&R Investments Limited on the sale of a minority stake in Modivo.
  • Advised Drozapol-Profil S.A. on the tender offer tender offer for the sale of the company’s shares and delisting from the Warsaw Stock Exchange.
  • Advised Star Pedal II GmbH on the acquisition of 100% of the shares in Nextbike Polska S.A.

Rymarz Zdort Maruta

Rymarz Zdort Maruta advises on the full spectrum of ECM and DCM work, including domestic and cross-border IPOs, secondary offerings, private placements, ABB processes, and prospectus preparation, as well as international sovereign and corporate bond issuances, supported by ongoing advice to listed companies on reporting, governance and regulatory obligations. Jointly led by Paweł Zdort and Filip Lesniak, the team benefits from Zdort’s extensive ECM knowledge, particularly in ABBs, and Lesniak’s expertise in regulated institutions across various economic sectors.

Praxisleiter:

Pawel Zdort; Filip Lesniak


Weitere Kernanwälte:

Maciej Kowalski; Jacek Zawadzki


Referenzen

‘Filip Leśniak and Maciej Kowalski – an excellent pair of lawyers, very cordial and professional work, always available, very flexible approach and very pro-client.’

‘RZM is the go-to firm in Poland. They operate with the expertise and efficiency of an international firm, whilst demonstrating deep knowledge of the local market. We always trust them to deliver commercial advice and top-class results. They are particularly good at collaborating and communicating with us to ensure that the international and local advice is aligned and presented to the client in a coordinated manner.’

‘Filip Leśniak in particular is a stand-out partner at the firm. He has deep connections in the market, is extremely communicative and collaborative, and he is a real pleasure to work with.’

Kernmandanten

AEREF V PL Inwestycje sp. z o.o.


Erste Securities Polska S.A.


Erste Group Bank AG


Pekao Investment Banking, Bank Polska Kasa Opieki – Biuro Maklerskie Pekao, Santander Bank Polska – Santander Biuro Maklerskie


Banco Santander S.A., BNP PARIBAS, Deutsche Bank Aktiengesellschaft and Goldman Sachs Bank Europe SE


Globe Trade Centre S.A.


BEST S.A.


TDJ Equity I sp. z o.o.


Mirbud S.A.


Highlight-Mandate


  • Advised AEREF V PL Inwestycje sp. z o.o. on an accelerated bookbuilding (ABB) process for the sale of shares in Murapol.
  • Advised Erste Group Bank AG, acting as the sole bookrunner, and Erste Securities Polska S.A., acting as the Polish offering agent, in connection with an ABB process of the shares in Vercom S.A.
  • Provided advice on Polish law to underwriters (Banco Santander S.A., BNP PARIBAS, Deutsche Bank Aktiengesellschaft and Goldman Sachs Bank Europe SE) in connection with the issuance by the State Treasury of the Republic of Poland, represented by the Minister of Finance, of treasury bonds valued at USD 5.5bn on the US market.

act BSWW legal & tax

act BSWW legal & tax brings extensive experience across the equity and debt capital markets, advising a large range of entrepreneurs, growth companies, large corporates, brokerage firms, investment funds and financial institutions. Piotr Smołuch and Piotr Wojnar form the duo responsible for heading this practice. Wojnar handles the ECM side and is active in capital raisings, buyouts, flotations, share trades and market exits, and Piotr Smołuch focuses on the debt side frequently involved in corporate, municipal, revenue and convertible bonds, as well as private and structured debt mandates.

Praxisleiter:

Piotr Smołuch; Piotr Wojnar


Weitere Kernanwälte:

Janusz Szeliński


Referenzen

‘We have been working with the act team for many years. What is crucial for us is that, in addition to their vast legal knowledge, their lawyers have a deep understanding of business processes and knowledge of the technological conditions of our business, which is of key importance for the entire M&A process. Their excellent knowledge of stock exchange law and all issues related to transactions (including MAR) means that I can recommend them with a clear conscience as excellent specialists.’

‘For many years, I have been cooperating with Piotr Wojnar, a managing partner in the capital markets practice. He is one of the people who actively participated in and created the capital markets in Poland. His vast experience and knowledge mean that we have complete confidence in his advice.‘

‘Capable to find amicable solutions, very knowledgeable in the field of bonds, good in M&A, real estate as well as restructuring and litigation.’

Kernmandanten

Comp S.A


Vicotria Dom S.A


Develia S.A


HM Invest


Skarbiec Holding S.A


Highlight-Mandate


  • Advised Comp S.A. in the merger process with Zakłady Urządzeń Komputerowych ELZAB S.A.
  • Advised Victoria Dom S.A. on the preparation of its third public bond issuance program, with a total nominal value of up to PLN 400m.
  • Advised Affiliate Project sp. z o. o on the issuance of bonds with a total nominal value of PLN 84m.

CK LEGAL Chabasiewicz Kowalska i Wspólnicy

CK LEGAL Chabasiewicz Kowalska i Wspólnicy is particularly active in debt capital markets and acts for clients across the regulated WSE market and ATS, as well as companies preparing to go public, brokerage houses, investors, start-ups, and private equity and venture capital funds, with notable experience in fintech, biotech, software and chemical-sector matters. Anita Gwóźdź spearheads the group and specialises in the introduction of securities to the WSE and ATS. Founding partner Wojciech Chabasiewicz is also a key figure in the group.

Praxisleiter:

Anita Gwóźdź


Weitere Kernanwälte:

Wojciech Chabasiewicz


Referenzen

‘The CK Legal team has unique understanding of biotech business which is uncommon for Polish legal firms, combined with extensive knowledge of issues related to Stock Exchange.’

‘Wojciech Chabasiewicz is very dedicated lawyer who is accessible and has great understanding of business needs.’

‘CK Legal stands out for combining technical excellence with a pragmatic, business-oriented approach. Clients value the partner-led model, which ensures personal commitment, clear communication, and solutions that are both strategic and practical. Compared with other firms, the team offers the sophistication of a large practice while remaining agile and responsive. Their openness to innovation—through technology, and a collaborative culture—further enhances the client experience.’

Kernmandanten

Answear.com S.A.


Kruk S.A.


Passus S.A.


PCC Exol S.A.


PCC Rokita S.A.


PragmaGO S.A.


Ryvu Therapeutics S.A.


Selvita S.A.


Telemedycyna Polska S.A.


Highlight-Mandate


  • Structured a PLN 500m modular public bond program for PragmaGO S.A., enabling both secured and unsecured offerings under one framework.
  • Advised PCC Rokita S.A on its PLN 200m bond issuance program and the admission of bonds to trade on the Catalyst market.
  • Advised Kruk on its PLN 125m issuance of series AP2 bonds, with a tailored mechanism designed by CK LEGAL in collaboration with Dom Maklerski BDM (BDM Brokerage House).

Dentons

Dentons advises on the full range of ECM and DCM matters, including equity and debt offerings, listings, and capital markets regulatory issues, acting for international issuers, major investment banks and other financial institutions. Jakub Celiński is responsible for overseeing the practice and focuses his practice on equity and debt offerings. Paulina Galewska is a standout feature of the team and is routinely instructed by listed and private companies.

Praxisleiter:

Jakub Celiński


Weitere Kernanwälte:

Paulina Galewska


Referenzen

‘Dentons’ capital markets team combines deep local expertise with seamless cross-border capabilities, backed by the firm’s global network. The practice is known for handling complex, first-of-their-kind transactions with pragmatic, business-oriented advice. Clients value the team’s responsiveness, technical excellence, and ability to structure innovative solutions under tight timelines. Strengths include advising on equity and debt offerings, regulatory matters, structured finance, and cross-border listings.’

‘The Dentons capital markets team is defined by a combination of technical mastery and a pragmatic, solutions-driven mindset. Partners and associates alike are approachable, highly responsive, and focused on understanding the commercial realities behind each transaction.’

‘What sets this team apart is not only their deep legal expertise but also their proactive and solution-oriented mindset. They consistently anticipate challenges and client questions, offering practical and actionable guidance even in complex situations. Their combination of professionalism, accessibility, and genuine commitment ensures that clients feel fully supported and confident in the outcomes. For anyone looking for a team that goes beyond standard legal advice and truly understands both the law and the business context, this team is exceptional.’

Kernmandanten

GTC Dutch Holdings B.V.


Optima Investments


mBank


ATC Cargo


Highlight-Mandate


  • Advised mBank on its issue of €400m Tier 2 subordinated bonds.
  • Advised mBank S.A. on the update of its Luxembourg listed €3bn EMTN Programme and a new bond issue of €500m.

DLA Piper Gizinski Kycia sp.k.

Advising on the full lifecycle of ECM and DCM mandates, DLA Piper Gizinski Kycia sp.k. covers public offerings in Poland and abroad, private placements, offer documentation and listing work, as well as debt issuances including green bonds and other structured financing instruments. Jakub Domalik-Plakwicz helms the practice and is especially well known for his expertise in initial and secondary public offerings. Rafał Kluziak is a key feature of the team and is well versed in mandates concerning the tech sector, as well as regulatory matters.

Praxisleiter:

Jakub Domalik-Plakwicz


Weitere Kernanwälte:

Rafał Kluziak; Wojciech Kalinowski; Marek Kleczek; Arkadiusz Karwala; Michał Bałdowski


Referenzen

‘This practice is unique in combining deep legal expertise with strong commercial awareness and a global reach. Clients value the team’s ability to deliver practical, tailored advice and manage complex cross-border matters seamlessly.

‘The individuals we work with at DLA Piper stand out for their professionalism, responsiveness, and ability to provide practical, business-focused advice. Unlike competitors, they consistently take the time to understand our specific needs and adapt their guidance accordingly. We particularly value their collaborative approach, accessibility, and strategic insight. Partners bring strong leadership and commercial awareness, while associates demonstrate reliability, attention to detail, and dedication. Together, they form a trusted team that adds real value to our projects.’

‘Team’s strength, capacity, appropriate resourcing, probably the largest capital markets / M&A team on the market ’

Kernmandanten

Polenergia S.A.


Vigo Photonics S.A.


TIM S.A.


International Personal Finance plc


Harper Hygienics S.A. and SIA “iCotton”


Brand24 S.A., Larq Fund, Unfold.vc and Michal Sadowski and Piotr Wierzejewski


Discovery


Liberty Global


Sygnity


Dadelo


Shoper


Highlight-Mandate


  • Advising Vigo Photonics S.A. on the review of strategic options, including potential investor acquisition or shareholder restructuring, to support the development of its photonic integrated circuit and infrared technology projects.
  • Advised Brand24 and its main shareholders on the PLN 98m (USD 25m) sale of a 57.6% stake to US-based Semrush and the subsequent tender offer for the remaining shares.
  • Advised Polenergia on the establishment of a PLN1 billion Green Bond Programme and the PLN750 million inaugural Green Bond issuance to finance offshore wind and other renewable energy projects.

Domanski Zakrzewski Palinka

Domanski Zakrzewski Palinka advises issuers, investors and financial institutions on the full range of ECM matters, including IPOs, secondary offerings, tender-offer–related regulatory issues, market exits and transfers between trading venues. Andrzej Foltyn is in charge of the practice and is regularly sought out by domestic and international companies to advise on raising funds on the capital markets. Maciej Zajda is a key contact in the team for financial institutions and fintechs. Rafał Grochowski departed to SSWin October 2024.

Praxisleiter:

Andrzej Foltyn


Weitere Kernanwälte:

Maciej Zajda


Kernmandanten

Semrush Group


Arlen S.A.


Sim Factor S.A.


Rubicon Partners


True Global Ventures


eCapital (controlled by Mr Michał Lach) – Pure Biologics S.A.


Semrush Group


Arlen S.A.


Sim Factor S.A.


Rubicon Partners


True Global Ventures


eCapital (controlled by Mr Michał Lach) – Pure Biologics S.A.


Highlight-Mandate


  • Acted for Arlen S.A. on its IPO and listing on the main market of the Warsaw Stock Exchange in June 2025.
  • Acted for Semrush Inc. in its acquisition of a 57.6% stake in Polish-listed Brand24 S.A.
  • Advised SIM Factor S.A. on its IPO and the listing of its shares on NewConnect.

DWF Poland Jamka Sp.k

DWF Poland Jamka Sp.k advises on a broad range of securities law and capital markets matters, including IPOs, secondary equity offerings, debt securities, structured financings and securitisations, as well as ongoing support to listed companies on shareholder relations, corporate governance and regulatory compliance. The practice is led by Michał Pawłowski, who focuses on primary and secondary offerings; Filip Urbaniak, who advises on bond issue programmes; and Rafał Woźniak, who is well versed in the pharmaceutical and renewable energy sectors.

Praxisleiter:

Michał Pawłowski; Filip Urbaniak; Rafał Woźniak


Referenzen

‘DWF Poland’s capital markets team has been a strategic legal partner across several transformative milestones in our corporate development. Their guidance has been consistently precise, commercially attuned, and deeply reliable.‘

‚What makes this practice unique is its ability to combine technical excellence with business pragmatism. The team understands the regulatory complexities of operating as a listed company and provides solutions that are not only compliant but also aligned with our long-term strategic goals.‘

‚Compared to other firms, DWF Poland offers a rare blend of regulatory depth and commercial insight, making them an ideal partner for listed companies navigating complex capital markets transactions.’

Kernmandanten

Enter Air S.A.


Auto Partner S.A.


Wittchen S.A.


Transition Technologies MS S.A.


Książek Holding, a shareholder of Synektik S.A.


Highlight-Mandate


  • Advised Enter Air on the acquisition of all shares in the Warsaw pilot training centre with a Boeing 737 simulator.
  • Advised Książek Holding, a majority shareholder of Synektik S.A., on the sale of a portion of Synektik’s shares through an accelerated bookbuilding process.
  • Advised Transition Technologies MS S.A. on its contemplated IPO on the Warsaw Stock Exchange.

GESSEL Attorneys at Law

Relied on by issuers, investors, financial institutions and underwriters, GESSEL Attorneys at Law advises on a wide range of ECM and DCM matters, including IPOs, secondary and follow-on offerings, private placements, bond issue programmes and related regulatory compliance. Leszek Koziorowski and Krzysztof Marczuk jointly head the practice, with Koziorowski specialising in compliance and governance issues, and Marczuk excelling in IPOs, SPOs and ABBs. Magdalena Marczuk (Szeplik) is also a notable figure in the practice.

Praxisleiter:

Leszek Koziorowski; Krzysztof Marczuk


Weitere Kernanwälte:

Magdalena Marczuk; Michał Wieliński; Jakub Rowicki


Referenzen

‘In my view, Gessel Attorney at Law is a distinguished firm that excels in handling complex, high-value transactions of strategic importance to mid- and large-cap enterprises. Their many years of experience in M&A, private equity, venture capital, and public capital markets, combined with deep knowledge of market practices and strong relationships across industries and financial institutions, enable them to provide comprehensive legal advice that fully reflects current market and economic trends.’

‘In my experience, Krzysztof Marczuk is an exceptional team leader who combines deep legal knowledge with practical business acumen. Although he focuses mainly on ECM and DCM transactions, his background in criminal, civil, and bankruptcy proceedings gives him a rare, comprehensive perspective.‘

‘What makes this team stand out is their deep understanding of the Polish capital markets, combined with true agility. They don’t just advise from the outside — they integrate with us, understand our business, and act like an in-house counsel. Their advice is practical, business-oriented, and always aligned with our needs, which makes them very different from other firms we’ve worked with.’

Kernmandanten

Cavatina Holding S.A.


Creotech Instruments S.A.


DataWalk S.A.


Ignas Rubezius, Ilma Nausedaite and Ad Hoc Technologijos


Kredyt Inkaso S.A.


Labo Print S.A.


Dino Polska S.A.


Olivia Fin sp. z o.o. S.K.A.


Genomtec S.A.


Interbud-Lublin S.A.


Highlight-Mandate


  • Advised Ignas Rubezius, Ilma Nausedaite and Ad Hoc Technologijos in a high-value accelerated bookbuilding (ABB) transaction involving sale of shares in Vercom S.A.
  • Advised Dino Polska S.A. on a share split process.
  • Advised Cavatina Holding S.A. on the establishment of the 4th prospectus-based, dual-currency bond issue programme with a total nominal value of up to PLN 200m.

Gide Loyrette Nouel

Gide Loyrette Nouel is regularly instructed on a range of work from complex debt securities and structured finance mandates to IPOs, rights issues, ABBs, share buybacks, equity carve-outs and tender-offer–related processes, alongside regulatory advice on MAR, MiFID and sanctions compliance. Dariusz Tokarczuk brings specialist knowledge of the mining and heavy industries to the team, and co-leads the team alongside Paweł Grześkowiak, who has vast capital markets experience. Dawid Van Kędzierski is also a standout member of the team.

Praxisleiter:

Dariusz Tokarczuk; Paweł Grześkowiak


Weitere Kernanwälte:

Dawid Van Kędzierski


Kernmandanten

The State Treasury of the Republic of Poland represented by the Ministry of Finance


Sanofi


KGHM Polska Miedź


Société Générale


SIG plc


EssilorLuxottica


Bank Pekao S.A.


Thales Group


AXA


Schneider Electric


Arkema


SEB S.A.


Highlight-Mandate


  • Assisting the State Treasury of the Republic of Poland, represented by the Minister of Finance, in updating the EUR 85bn EMTN Eurobond programme, with Deutsche Bank acting as arranger.
  • Advising SIG plc on the issue of EUR 300m senior secured notes, an amended and extended GBP 90m super senior revolving credit facility and on an accelerated debt tender offer to repurchase up to GBP 300m in aggregate of the principal amount of its outstanding senior secured notes due in 2026.
  • Advising EssilorLuxottica in connection with its employee share ownership plan.

Schoenherr Halwa Okon Chyb sp.k

The capital markets team at Schoenherr Halwa Okon Chyb sp.k has developed particular depth in advising IT, new technology and gaming companies on public offerings, covering transaction structuring, prospectus preparation and representation before the PFSA and the Warsaw Stock Exchange. The practice is overseen by Paweł Halwa and is ably supported by Szymon Okoń, who is lauded for his expertise in the regulatory aspects of financial markets.

Praxisleiter:

Paweł Halwa


Weitere Kernanwälte:

Szymon Okoń; Tomasz Kwaśniewski; Dawid Brudzisz


Referenzen

‘Deep financial markets knowledge. Broad local and DACH network. DACH experience.’

‘Deep legal knowledge and extensive structuring experience.’

‘Schoenherr’s team in Poland has an excellent knowledge of the Polish bonds market and has a great ability to propose solutions adapted to business needs.’

Kernmandanten

Vehis Finanse Sp. z o.o.


White Stone Development


Noctiluca S.A.


Momentum Capital


Expeditions


Raiffeisen Bank International


Polska Grupa Militarna S.A.


Highlight-Mandate


  • Advised Vehis Finanse Sp. z o.o. on a public offering of bonds.
  • Advised White Stone Development Sp. z o.o. on the public offering of bonds.
  • Advised Momentum Capital in setting up its first investment fund.

SSW

SSW advises across both debt and equity capital markets, with its DCM practice active on corporate bond issuances, security administration and collateral releases, and the ECM side focused on IPOs and public equity transactions in the gaming, IT and new technology sectors. The capable trio who head the practice are Mateusz Chmielewski, who is well versed in MTN programmes; Piotr Grabarczyk, who is the go-to for debt securities matters; and Monika Szczotkowska, who is experienced in tender offers.

Praxisleiter:

Mateusz Chmielewski; Piotr Grabarczyk; Monika Szczotkowska


Kernmandanten

Holiday Park & Resort sp. z o.o.


Bank Gospodarstwa Krajowego, Powszechna Kasa Oszczędności Bank Polski Spółka Akcyjna and Bank Polska Kasa Opieki S.A.


BNP Paribas Bank Polska S.A.


Bank Polska Kasa Opieki S.A.


Gmina Miasta Radom


J.P. Morgan


Bank of America


Marie Brizard Wine & Spirits S.A. (formerly Belvedere S.A.)


Work Service S.A.


Benefit Systems S.A.


UBS AG Group


AllianceBernstein


Ipopema TFI


Nextline


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.


XTPL 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.


INC S.A.


Zakłady Przemysłu Cukierniczego „Otmuchów” S.A.


PIT RADWAR S.A.


Cloud Technologies S.A.


Starward Industries S.A.


Inno-Gene S.A.


Adriana SA


Goldman Sachs


Highlight-Mandate


  • Advised a group of 19 minority shareholders of Zabka Group (current and former executives both Zabka Group and operational company – Zabka Polska) throughout all phases of the group’s IPO process.

WKB Lawyers

WKB Lawyers’ capital markets practice is particularly active in debt, advising on bond issuances, covered bonds for mortgage banks (both public and private), and securitisations, alongside providing ongoing support to listed companies and brokerage firms. Agata Szczepańczyk-Piwek specialises in bond issuances, mortgage-covered bonds and securitisation transactions, and Marta Midloch excels in regulatory and governance matters of the capital markets. Both co-head the practice.

Praxisleiter:

Agata Szczepańczyk-Piwek; Marta Midloch


Kernmandanten

mBank Hipoteczny


Bank Pocztowy S.A.


LCM Partners Limited


mBank SA


BNP Paribas SA


FixMap Sp. z o.o.


Pepco Group N.V.


Highlight-Mandate


  • Advised on a covered bond issuance for mBank and mBank Hipoteczny.
  • Advised a Polish bank with MAR compliance.
  • Advised LCM Partners Limited on due diligence and negotiations for acquiring 100% of investment certificates in three Polish funds, including structuring, regulatory issues, and NPL portfolio transfer from Kredyt Inkaso S.A.

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 combines transactional and regulatory work across both equity and debt, with experience spanning IPOs and secondary offerings for life sciences, tech and services companies. The trio of co-heads Krzysztof Haładyj, Maciej Wróblewski and Paweł Cyganik oversee the practice, all of whom are experienced in IPOs, SPOs, and public tender offers.

Praxisleiter:

Krzysztof Haładyj; Maciej Wróblewski; Paweł Cyganik


Referenzen

‘Unique value for money. Very client-oriented and flexible approach. All key partners displaying both profound hard and soft skills, as well as strong moral compass.’

‘Krzysztof Haładyj – excellent lawyer and a great person.’

Kernmandanten

Captor Therapeutics S.A.


OT Logistics S.A.


Empik S.A.


GI Group Poland S.A.


Rafako S.A.


SDS Optic S.A.


Schroders


PKP Cargo S.A.


Trakcja S.A.


Domesta sp. z o.o.


Best Capital FIZAN


Infinity S.A.


Yuniversal Development Sp. z o.o.


Highlight-Mandate


  • Assisted GI Group Poland S.A. in their SPO valued at app. EUR 15m in October 2024.
  • Representing Schroders in a variety of matters connected with the distribution of Schroders funds in Poland.
  • Represented GI Group Holding S.P.A.: (i) in the delisting tender offer for 100% of shares in GI Group Poland completed in November 2024 (value of the tender offer – app. EUR 5m) and (ii) in the squeeze out of minority shareholders in GI Group Poland S.A. completed in July 2025 (value of the acquired shares – app. 4 EUR 4m).

Olesinski & Wspolnicy

Olesinski & Wspolnicy has a roster spanning construction, real estate, manufacturing, transport, infrastructure, retail, tech, media and recruitment, with a significant portfolio of long-standing issuer clients across the Polish market. Michał Bogacz  and Cyryl Szudra jointly helm the practice. Bogacz shines in IPOs, SPOs and bond issues, while Szudra excels in regulatory and compliance matters in the capital markets space.

Praxisleiter:

Michał Bogacz; Cyryl Szudra


Referenzen

‘I appreciate the cooperation between the individual lawyers at the firm and the interdisciplinary nature of the team.’

‘I appreciate the cooperation with attorney Cyryl Szudra.’

‘Most of our cases were managed by Cyryl Szudra, in particular in the field of cross-border mergers of companies.’

Kernmandanten

ATM Grupa S.A.


CCC S.A.


DataWalk S.A.


Impel S.A.


INTERSPORT POLSKA S.A.


IZOBLOK S.A.


Kolej Gondolowa Jaworzyna Krynicka S.A.


Libet S.A.


MODIVO S.A.


OT Logistics S.A.


Polskie Koleje Linowe S.A.


Selena FM S.A.


Sonel S.A.


Tarczyński S.A.


Ten Square Games S.A.


ZPUE S.A.


Highlight-Mandate


  • Advised Libet S.A. on the legal structuring and execution of a share buyback programme.
  • Advised OT Logistics S.A. on a ESG compliance project under the CSRD and ESRS frameworks.

SMM Legal

SMM Legal draws on sector expertise in energy, manufacturing, tech and the public sector, and combines transactional capabilities with experience in both corporate and regulatory matters. Maciej Mataczyński oversees the group and is well versed in public procurement and corporate governance matters. Mateusz Stańczyk and Tomasz Lewandowski are both standout members of the team.

Praxisleiter:

Maciej Mataczyński


Weitere Kernanwälte:

Mateusz Stańczyk; Tomasz Lewandowski


Referenzen

‘This firm was very reactive and provided excellent analysis.’

‘I highly recommend the firm for its exceptional professionalism and its truly individual approach to each client. The team distinguishes itself through open-mindedness, a broad and comprehensive range of services, and a high level of availability and responsiveness. These qualities make the firm a trusted and reliable partner for diverse legal needs.’

‘Mateusz Stańczyk – the attorney distinguishes himself through his exceptional availability, charisma, and professionalism. He consistently demonstrates an individual approach to each case, carefully considering the specific circumstances and needs of every client. His dedication, expertise, and ability to provide tailored solutions make him a highly reliable and valued partner in any legal matter.’

Kernmandanten

Grupa Recykl S.A.


Piast Gliwice S.A.


expondo Polska sp. z o.o. sp.k.


Coventry University HEC branch in Poland


Międzynarodowe Targi Poznańskie sp. z o.o.


Wavin Polska S.A.


Kyiv Medical University


SGB Bank S.A.


Remmers Polska sp. z o.o.


Innovation AG S.A.


Highlight-Mandate


  • Advised on the cross-border legal framework applicable to the delisting of Kernel Holding S.A. from the Warsaw Stock Exchange, delivering an opinion related to Luxembourg litigation concerning the validity of the delisting resolution.