Wirtualna Polska



Project number:


Business sector:

Information and Communication Technologies

Notice type:


Environmental category:


Approval date:

14 Apr 2015



PSD disclosed:

07 May 2015

Translated version of this PSD: Polish

Project Description

The European Bank for Reconstruction and Development (EBRD) has acquired a minority stake in Wirtualna Polska Holding, S.A., for approximately EUR 7 million. The company’s listing was the first ever IPO of an online media company at the Warsaw Stock Exchange. The proceeds will allow the company to further strengthen its position against its major competitors through a course of organic growth and selective acquisitions.

Transition Impact

Transition impact for this project will arise from a demonstration effect of new replicable behaviour and activities, such as the support for an IPO of a leading online media company in Poland, and by setting standards for corporate governance and business conduct. The Bank’s financing will support the first IPO in online media sub-sector in Poland with no representation of this sub-sector in WIG-Media index (sector index on WSE that includes only companies classified as media) before and the largest IPO in the media sector on the WSE for the last 5 years. In addition, there is still a scope for improvement in governance of the company, in particular in the area of corporate governance and transparency, as well as Environmental, Health and Safety.

The Client

Wirtualna Polska is a rapidly growing online media platform and one of two leading Polish internet portals. It is focused on online advertising, the fastest growing segment of the Polish advertising market with strong growth prospects.

EBRD Finance

The Bank acquired a minority stake through an approximately EUR 7 million direct equity investment in Wirtualna Polska Holding’s new ordinary shares via an Initial Public Offering on the Warsaw Stock Exchange (WSE).

Project Cost

The total amount of the company’s IPO amounts to approximately EUR 73 million

Environmental and social categorisation, impact, and mitigation

The project was categorized “B” by European Bank for Reconstruction and Development (EBRD), which means that an environmental and social analysis was required by the Bank, in accordance with the 2014 Environmental and Social Policy and Performance Requirements (PRs). Environmental and social due diligence in the form of environmental and social questionnaire has been carried out.   WHP's online media platform business is not associated with significant environmental and social impacts.  The review of the completed questionnaire showed that the Company's current operations are in line with EBRD PRs in relation to Huma Resources/Occupational and Health & Safety and general environmental and social risk management. For the project, the Company is required to comply with PRs as well as to submit an annual environmental and social report to the Bank.

Technical Cooperation


Company Contact

Wirtualna Polska
ul. Jutrzenki 137 A
02-231 Warszawa
tel.: (+48 022) 57 63 900
fax: (+48 022) 57 63 901

Business opportunities

For business opportunities or procurement, contact the client company.

For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

Public Information Policy (PIP)

The PIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations. Please visit the Public Information Policy page below to find out how to request a Public Sector Board Report.
Text of the PIP

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