XX ZW Investment Group S.A., the Luxembourg-registered investment vehicle majority owned by XTB co-founder Jakub Zabłocki, has completed an accelerated bookbuild to sell an 8% stake in the forex and CFD broker for approximately PLN 1.505 billion, or around $410 million.
XTB announced the placement results on 2 September 2026. The transaction covers 9,405,540 shares priced at PLN 160 each. The shareholder’s reduced holding will take effect after settlement.
XTB Share Sale Price and Remaining Stake
The placement price represented a discount of roughly 8% to XTB’s Wednesday closing price of above PLN 174.
After settlement, XX ZW Investment Group will hold 32,661,789 shares, equivalent to 27.78% of XTB’s share capital and voting rights, down from 35.78%. Its remaining stake will be subject to a 360-day lock-up beginning on the settlement date, with customary exceptions.
The transaction involves existing shares. Proceeds go to the selling shareholder rather than to XTB as new capital.
Placement Offered to Institutional Investors
The accelerated bookbuild targeted selected institutional investors meeting specified criteria. XTB disclosed the shareholder’s notification under Article 17 of the EU Market Abuse Regulation. The buyers were not named.
Bank Handlowy w Warszawie’s brokerage arm, Citigroup Global Markets Europe and UniCredit Bank’s Milan branch acted as joint global coordinators and joint bookrunners, alongside Kepler Cheuvreux.
Fifth Stake Reduction Since 2023
This is XX ZW Investment Group’s fifth reduction in its XTB holding since 2023, following sales in May 2023, February 2024, September 2024 and May 2025.
The previous placement, in May 2025, also involved 9,405,540 shares representing 8% of the company, priced at PLN 78 each. The latest price of PLN 160 is more than double that level. Following settlement, XX ZW Investment Group will remain XTB’s largest shareholder.
