Spanish stock market regulator CNMV has approved Barcelona-based frozen bakery producer Europastry's prospectus for its upcoming initial public offering – its fourth attempt at a listing on the Madrid stock exchange – the company said.
It said it was aiming to raise approximately €210 million in gross proceeds by offering between 26.93 million and 28.98 million ordinary shares.
Price Range
The price range was set at between €15.85 and €18.75, which were expected to be listed "on or about" October 10. The offering values the whole company at €1.57 billion.
Spanish holding company Criteria, the investment arm of the La Caixa foundation, has subscribed to take a 4.9% stake in the company through the offering, according to the prospectus.
Founder Jordi Galles is set to retain a controlling stake of 62.2% of total shares.
Previous IPO Attempts
Europastry had previously attempted to launch IPOs in 2007 and 2019 without success and last June it was forced to suspend a planned float of at least 25% of its shares on the Spanish bourse after political instability in France rocked European equity markets.
Founded in 1987, Europastry is controlled by the Galles family. The company operates in the frozen bakery dough sector in more than 80 countries and runs 27 plants in America and Europe.
It reported a net turnover of more than €1.3 billion in 2023 and adjusted earnings before interest, taxes, depreciation and amortisation of €47 million for the first quarter of 2024.
In August, the company announced the acquisition of Dutch frozen bakery company De Groot Edelgebak, continuing its expansion in Europe. This deal is expected to boost Europastry’s revenue by €16.5 million, taking its total revenue to over €1 billion.
Additional reporting by ESM
