The aim of this article is to assess the situation of long-run IPO returns on the Polish stock market. The research was conducted to verification of hypothesis about negative average abnormal long-run IPO returns over 2009–2011 in the context of the agency and investment decisions theory. Stock price, issuing rights value and dividend were subjects of analysis. It has been confirmed that there was a loss in the long-term. The results of research are convergent with the situation of stock markets around the world.