The Studenac Group announced on Thursday that it is suspending the process of its IPO in agreement with its majority shareholder due to "unfavourable market conditions".

CEO Michał Senczuk said that Croatian, Polish and international investors had shown great interest in Studenac’s business model, respect for its dynamic growth and support for further expansion and thanked them for their trust.

“We remain true to our strategy and development path, which is focused on creating value for our employees, investors and other stakeholders. We plan to continue the organic growth of Studenac by opening new shops and continue our successful strategy of market consolidation by acquiring other companies in Croatia and Slovenia,” said Senczuk.

Waiting for more favourable conditions

He added that the company might reconsider its plans for an IPO and listing of Studenac shares on the stock exchange when market conditions become more favourable.

On 19 November, the Studenac Group published its prospectus and announced the launch of its IPO, which is aimed at retail and institutional investors. The aim is to raise funds for further business growth, acquisitions and the expansion of the branch network.

The IPO comprised up to 24,066,667 new shares and up to 31,103,927 existing shares, totalling up to 35% of the company’s share capital after the IPO.

It was previously stated that the company intended to raise gross proceeds of €80 million through the issue of new shares in the IPO to fund business growth and reduce debt.