“…Having the shares admitted for trading Source: authors' own study based on (Wanat et al, 2018a, 138-146) The effect of initial public offerings is understood as a state reflecting the level of development of the company, resulting from investments financed with funds coming from the issue of shares (Boot and Thakor, 1997;Chudobiecki et al, 2009;Levine, 2012;Jin et al, 2017;Sarniak and Wanat, 2017;Sarniak, 2018). The aim of the study was to analyze the way the selected wood-based industry companies use the capital raised on the Warsaw Stock Exchange who held their initial public offering in 2005-2017 (Jonsson, 2012;Wanat et al, 2013;Klus and Wanat, 2015;Kaputa et al, 2016;Mikołajczak et al, 2017;O'Brien and Bringezu, 2018;Wanat et al, 2018a).…”