European financial brokerage X-Trade Brokers (XTB) has completed an initial public offering (IPO) on the Warsaw Stock Exchange. Company founders reduced their stake from 80.8 percent to 66.8 percent in the offering, generating gross proceeds of EUR43 million (approximately US$49 million). Enterprise Investors, a Central and Eastern Europe-focused private equity firm and existing backer of XTB, did not dispose of any shares. Enterprise Investors originally invested in the company in 2010 in a transaction structured through Polish Enterprise Fund VI, and currently retains a 19 percent stake in the company.