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