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    Business

    Posted By Uma Rajagopal

    Posted on November 7, 2024

    Featured image for article about Business

    GDANSK (Reuters) -Croatian food retailer Studenac is planning an initial public offering with plans to list on the stock exchanges of Warsaw and Zagreb, the company said on Thursday.

    The offer will consist of new shares and the sale of existing shares by current shareholders.

    The primary sellers include Polish Enterprise Fund VIII, which owns approximately 90.08% of the company, and a group of minority shareholders that collectively own around 9%.

    Studenac intends to raise gross proceeds of approximately 80 million euros ($86 million) from the new shares, the retailer said.

    The funds will be used to finance the “further dynamic growth” of the business, including acquisitions and store network roll-out, it said.

    It will also be used to reduce amount of debt compared to earnings, as shown by the adjusted net debt to earnings before interest, tax, depreciation, and amortization (EBITDA) ratio.

    “We believe that the IPO and subsequent listing on the Warsaw and Zagreb stock exchanges will facilitate further growth by enhancing the Company’s profile, brand recognition and credibility,” said CEO Michal Senczuk in a statement.

    The firm will announce final terms after approval of the Luxembourg Financial Supervision Authority.

    Studenac primarily operates in the Croatian grocery sector. In the first eight months of 2024, the retailer generated consolidated sales revenue of 556.5 million euros and an adjusted EBITDA of 66.9 million euros.

    ($1 = 0.9309 euros)

    (Reporting by Rafal W. Nowak; Editing by Christopher Cushing and Varun H K)

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