European food retailer Studenac preps IPO and listing of shares on Warsaw and Zagreb Stock Exchanges

Studenac, a food retailer in CEE that is based in Croatia, is working on an initial public offering with plans to list on the Warsaw and Zagreb Stock Exchange.

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

Final terms will be released following approval of the Luxembourg Financial Supervision Authority. The aim is to raise $85.94 million from the issuance of new shares in connection with the offering.

Michał Seńczuk, CEO at Studenac, says: “I am confident that our proven business model, confirmed by strong financial performance with significant revenue growth and its achievements in recent years, should attract interest among potential investors. I believe that continuing its longstanding track record will make the brand one of the leading players in the proximity format in the region.”

Since its acquisition by Enterprise Investors in 2018, Studenac has more than tripled the number of stores in its network, reaching over 1,400 locations by the end of September.

Seńczuk adds: “We have grown from a successful regional chain in Dalmatia to cover all of Croatia, becoming the largest food retailer in the country by number of stores, and this year we made the first step in our international expansion by entering neighbouring Slovenia. A key driver of this growth has been our focus on the stores’ format, which allows us to be closer to our customers and meet their everyday shopping needs quickly and conveniently.”

“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.”

Studenac intends to use the cash to open new stores and acquire other players in Croatia and Slovenia, to reach 3,400 stores by the end of 2028.

Seńczuk says: “The management's target is to grow group sales revenue by approximately 30% (on a pro forma basis) in 2024 compared to 2023, and at a compound annual growth rate of 25-30% in the medium term.”

“Croatian, Polish and international investors will gain exposure to one of the fastest growing companies in Croatia in terms of revenue, operating in an attractive market that offers both further dynamic scale growth and attractive levels of profitability.”

2024 RTIH INNOVATION AWARDS

Nina Mimica, Chief Innovation and Digitalisation Officer at Studenac, is part of the judging panel for the sixth edition of the RTIH Innovation Awards, which are now closed for entries.

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.

Key 2024 dates

Friday, 25th October: Award entry deadline 

Tuesday, 29th October: 2024 shortlist revealed

30th October-6th November: Judging days

Thursday, 21st November: Winners announced at the 2024 RTIH Innovation Awards ceremony, to be held at RIBA’s 66 Portland Place HQ in Central London.