Croatian food retailer Studenac will begin its initial public offering (IPO) of the company’s shares today.
The offering consists of the issuance of up to 24 million new shares and the sale of up to 31 million existing shares, representing up to 35.0% of the company’s post-IPO share capital.
The offering will be addressed to retail and institutional investors in Poland and Croatia, qualified institutional buyers in the United States, and selected international institutional investors in certain other jurisdictions.
Purchase Orders
For the purpose of the book-building process, the price range for the shares offered to institutional investors has been set at PLN 13.60-PLN 14.40 and €3.14-€3.32 per share.
Purchase orders from Polish and Croatian retail investors will be accepted at the maximum price set – at PLN 14.40 and €3.32 per share, respectively.
The final number and price of the offered shares to specific categories of investors are expected to be published on 27 November 2024, or the day after.
Strong Financial Performance
Michał Seńczuk, the CEO of Studenac, said, “The launch of the initial public offering is an important step on Studenac’s path to the Warsaw and Zagreb stock exchanges.
“Studenac is one of the fastest-growing food retailers in CEE, with a proven business model, confirmed by a strong financial performance with outsized revenue growth, operating in attractive markets and offering both further dynamic scale growth and attractive levels of profitability.
“Since 2018, Studenac has more than tripled the number of stores in its network, reaching over 1,400 locations in Croatia and Slovenia by the end of September 2024, and our goal is to reach 3,400 stores by the end of 2028.
“Studenac intends to continue its organic growth by opening new stores, and to pursue its proven strategy of market consolidation by acquiring other players in Croatia and Slovenia.
“We intend to use the proceeds from the issue of the new shares to finance this dynamic growth and to strengthen the company’s financial profile.
“The management’s target is to grow group sales revenue by approximately 30% – on a pro-forma basis – in 2024, compared to 2023, and at a compound annual growth rate of 25-30% in the medium term.”
