Croatia's Studenac sets maximum price share in dual IPO at 14.40 zlotys (updated)

Gielda Papierow Wartosciowych w Warszawie SA

19/11/2024 14:26

(Adds detail on IPO valuation, capitalisation in paragraph 2;
structure of offering, price range in 3-4; background in 5)
       GDANSK, Nov 19 (Reuters) - Croatian retailer Studenac
set a maximum price for shares offered in its dual initial
public offering (IPO) of 14.40 zlotys ($3.52) each, hoping to
bring the total offering value to more than 183 million euros
($193.52 million), the group said on Tuesday in its prospectus.
    The company confirmed it intends to raise gross proceeds of
around 80 million euros from issuance of new shares.
    The offering - for which the bookbuilding process will run
for seven days until Nov. 27 - amounts to a maximum 55.2 million
shares, and consists of up to 31.1 million existing shares, and
24.1 million newly-issued papers.
    Additionally, the minimum offering price for the
institutional investors has been set at 13.60 zlotys per share.
    Final pricing is expected to be announced at the end of the
subscription period, with the debut on the Warsaw  GPW.WA  and
Zagreb  ZB.ZA  bourses expected on Dec. 10.
    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 = 4.0903 zlotys)
($1 = 0.9456 euros)

 (Reporting by Mateusz Rabiega; Editing by Louise Heavens and
David Evans)
 ((Mateusz.Rabiega@thomsonreuters.com; +48 58 769 67 57;))