About Us

Working Area


IPO and SPO issues: 22
Raised capital: 1023 mln PLN


IPO and SPO issues: 100
Raised capital: 350 mln PLN


Bonds issues: 280
Raised capital: 3 000 mln PLN


IPO issues: 2
Raised Capital: 8,7 mln PLN


INC Brokerage House is the first Crowdfunding Partner of Warsaw Stock Exchange

The Management Board of the Warsaw Stock Exchange (WSE) decided to adopt the WSE Partner Companies Program – WSE Crowdfunding Partner in the field of crowdfunding and crowdinvesting. The offer is addressed to both domestic and foreign entities from the brokerage industry, which offer financing and social investment services. INC Brokerage House was the first one […]

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INC starts a strategic cooperation with InnerValue

INC has signed a strategic cooperation agreement with a consulting company InnerValue. Companies want to offer comprehensive consulting and capital raising services, in particular for listed companies as well as small and medium technology and gaming companies. The decision to conclude a strategic alliance with InnerValue is a milestone in the development of the INC […]

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Publication of the semi-annual report for the first half of 2019

On September 19, the extended consolidated semi-annual report for the first half of 2019 was published. In the first half of 2019, the Capital Group – INC S.A. incurred a net loss of PLN 0.6 million. Carpathia Capital S.A., being an investment entity in the Group,  ended the first half of the year with a […]

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Complete Group on the Capital Market

INC is a dynamically developing Polish capital group operating in the area of ​​investment and advisory services in the Polish capital market. For over 20 years the Company supports the development of small and medium-sized enterprises, as well as local government units. Since 2006 INC is listed on the Warsaw Stock Exchange. We are consistently maintaining our unquestionable position among the top NewConnect Authorized Advisers in Poland. We took the first place in Forbes’s ranking in 2011 and remained in the very top in consecutive years. Furthermore, we took the first place in Home&Market magazin’s ranking of the Authorized Advisors in 2010 and came up second in 2012. In 2018, the company won the WSE’s special award for the largest number of IPOs in the history of NewConnect market.

In 2015 INC SA finalized the acquisition of Brokerage house. INC SA Brokerage house (formerly PricewaterhouseCoopers Securities SA) has KNF license to conduct brokerage activities in the field of offering financial instruments.

INC Rating Ltd. was founded in 2014. INC Rating is Polish rating agency specializing in the evaluation of creditworthiness of local governments at all levels. INC Rating has ESMA license –  European Supervisory Authority Securities and Markets Authority.

Carpathia Capital SA is the first Polish company listed on AeRO – the Stock Exchange in Bucharest. The company operates as a fund VK / PE for the SME sector in Poland and Romania.

INC East & West is a non-profit company that embodies the idea of corporate social responsibility. The company’s mission is strengthening of ties with Poles Abroad.

Foundation for the Development of Capital Market is a response to the needs of development and education in the field of capital market in Poland and in the world. Educational activities, supporting innovative projects, support for outstanding students, raise awareness of the capital market are the main goals set by the Foundation

INC S.A.- 100%
INC Brokerage House- 100%
INC Rating- 51%
Carpathia Capital- 42%
INC SAB- 100%
INC East&West- 100%
Foundation RRK- 100%
Incubator of Science and Technology- 48%
INC SA autoryzowany doradca na rynku kapitałowym


Multiple Winner of Warsaw Stock Exchange, Forbes and Home&Market Awards.

Dom Maklerski INC SA

INC Brokerage House

INC Brokerage House in Poznan has been authorized by the Financial Supervision Commission.

Carpathia Capital Fundusz typu Venture zajmujący się inwestowaniem w Spółki charakteryzujące się dużą dynamiką wzrostu.

Carpathia Capital

Venture fund, investing in a company characterized by high dynamics of growth.

INC Rating

INC Rating

Polish Rating Agency licensed by ESMA specialized in ratings for Local Governments.

Inc East&West organizacja nonprofit

INC East&West

Non-profit company that embodies the idea of corporate social resposibility.

Fundacja Rozwoju Rynku kapitałowego

Foundation RRK

Response to the needs of development and education in the field of capital market in Poland and in the world.

Management Board

Paweł Śliwiński

President, CEO

Doctor of economic sciences, Associate professor in the Department of International Finance at the University of Economics in Poznań. He studied at the University of Economics in Poznań, Adam Mickiewicz University in Poznań and the Universities of Tilburg (Netherlands), Antwerp (Belgium). He worked at the Central Brokerage House of WBK S.A., BRE Brokers Brokerage House S.A. and Polinwest Brokerage House S.A. He is a Licensed Investment Adviser (license No. 111) and Securities Broker (license No. 1094). He is also a Member of the Supervisory Board of Nationale-Nederlanden Life Insurance Company SA. He is President of the Carpathia Capital SA - the first Polish company listed on the Stock Exchange in Bucharest.

Sebastian Huczek

Vice President

He graduated the Faculty of Law at Adam Mickiewicz University in Poznań. Since 2000, He works at INC S.A., currently Vice President, Head of Legal Department. He has a Certificate of Advisers in the Alternative Trading System (No. 36/2011). He is a member of the Authorized Advisory Board for NewConnect market. He was a Lecturer at the High Banking School in Poznań on postgraduate studies in public finance and local capital markets and the Poznań University of Economics on postgraduate studies in private financial management. He is a Lecturer on courses preparing for the Certificate of entitlement to obtain Advisers in the Alternative Trading System organised by Warsaw Stock Exchange S.A. He is the author of several publications on public trading in securities.

Wojciech Iwaniuk


He studied at the University of Warsaw at the Faculty of Journalism and Political Science. He has collaborated with dozens of listed companies, including ones belonging to the WIG20. He took part in the biggest stock market transactions of the recent years. He oversaw the Golden Clip 2014 award-winning communication campaign of the IPO of the company LiveChat Software SA and Golden Clip 2015 award-winning communication campaign of the SPO of the company Selvita SA. For several years he worked as a journalist in Rzeczpospolita and Gazeta Giełdy Parkiet. His career in media started in Gazeta Prawna, where he was responsible for the capital market and real estate. In InnerValue since 2010. Specializes in investor relations and the development of communication strategies. In the team, he is responsible, among others, for contacts with portfolio managers, analysts and the financial media.


inc-group catalog


IPO and SPO issues on WSE
IPO and SPO on NewConnect
Bond issues on Catalyst
IPO issues on AeRO(BVB)
Capital received by INC’s clients on the capital market in the years 1996-2016


  • LUDWIK SOBOLEWSKIChairman of BVB Bucharest

    The role of the Authorised Adviser on the capital market is very significant. For INC experiance and professionalism throughout the process of cooperation with issuers is the most important thing.

  • dr hab. JUSTYNA ŚWIATOWIEC-SZCZEPAŃSKAProfessor at the University of Economics in Poznan

    INC SA combine theoretical knowledge of the capital market with many years of market experience. This is a perfect example of the Company, which conducts long-term development strategy for themself but above all – for its customers.

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