Croatian food retailer Studenac bins initial public offering due to unfavourable market conditions

Earlier this month, we reported that Studenac, a food retailer in CEE based in Croatia, was working on an initial public offering with plans to list on the Warsaw and Zagreb Stock Exchange.

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

Studenac said at the time that final terms would be released following approval of the Luxembourg Financial Supervision Authority. The aim was to raise $85.94 million from the issuance of new shares in connection with the offering.

It is now, however, ditching the initiative, citing unfavourable market conditions.

Michał Seńczuk, CEO at Studenac, comments: “During our numerous meetings and discussions with Croatian, Polish, and international investors, they have shown genuine interest in our business model, appreciation for its dynamic growth and support for our expansion plans.”

“However, due to the challenging conditions in the capital markets, we - together with our majority shareholder - have decided not to proceed with the IPO of the company’s shares.”

He adds: “We remain confident in our strategy and development direction, fully committed to continuing on this path without compromise and demonstrating to our employees, investors, and all stakeholders that we can create value for them. We extend our gratitude to all investors who have placed their trust in us throughout this process.”

“We intend to continue Studenac's organic growth by opening new stores and to pursue our proven strategy of consolidating the market through acquisitions of other players in Croatia and Slovenia. It is possible that, in the future, when market conditions are more favourable, we will revisit plans for an initial public offering and the listing of Studenac shares on the stock exchange.”

Due to this move, the return of payments for the aforementioned shares will take place no later than seven days after the cancellation of the offering, Studenac said in a press release.

2024 RTIH INNOVATION AWARDS

Nina Mimica, Chief Innovation and Digitalisation Officer at Studenac, was part of the judging panel for the sixth edition of the RTIH Innovation Awards.

The awards, sponsored by Vista Technology Support, Scala, CADS, 3D Cloud, Brightpearl by Sage’s Lightning 50, Business France, and Retail Technology Show 2025, celebrate global tech innovation in a fast moving omnichannel world.

Our 2024 hall of fame entrants were revealed during an event which took place at RIBA’s 66 Portland Place HQ in Central London on 21st November, and consisted of a drinks reception, three course meal, and awards ceremony presided over by comedian Lucy Porter.

In his welcome speech, Scott Thompson, Founder and Editor, RTIH, said: “The event is now into its sixth year and what a journey it has been. The awards started life as an online only affair during the Covid outbreak, before launching as a small scale in real life event and growing year on year to the point where we’re now selling out this fine, historic venue.”

He added: “Congratulations to all of our finalists. Many submissions did not make it through to the final stage, and getting to this point is no mean feat. Checkout-free stores, automated supply chains, immersive experiences, on-demand delivery, next generation loyalty offerings, inclusive retail, green technology. We’ve got all the cool stuff covered this evening.”

“But just importantly we’ve got lots of great examples of companies taking innovative tech and making it usable in everyday operations - resulting in more efficiency and profitability in all areas.”

Congratulations to our 2024 winners, and a big thank you to our sponsors, judging panel, the legend that is Lucy Porter, and all those who attended last week’s gathering.