Page 16 - bne IntelliNews monthly magazine December 2024

16 I Companies & Markets bne December 2024
bne:Funds
Studenac aims to raise €80mn with dual listing in Warsaw and Zagreb
Clare Nuttall in Glasgow
Studenac Group S.A., Croatia’s largest food retailer by store count and one of Central and Eastern Europe’s (CEE) fastest-growing retailers, has announced plans to go public with a dual listing on the Warsaw Stock Exchange (WSE) and the Zagreb Stock Exchange (ZSE).
The IPO is expected to raise gross proceeds of approximately €80mn from the issuance of new shares, part of which Studenac plans to channel into further expansion, including acquisitions and new store openings in both Croatia and Slovenia.
Years of rapid growth
Since its acquisition by Polish Enterprise Fund VIII in 2018, Studenac has grown rapidly, tripling its store network to over 1,400 locations by late 2024.
In a press release, CEO Michał Seńczuk highlighted the company’s rapid ascent from a regional chain to Croatia’s largest food retailer. “We have grown from a successful regional chain in Dalmatia to cover all of Croatia,” he commented.
Studenac also recently expanded into neighbouring Slovenia, in its first step beyond Croatia’s borders.
Studenac’s proximity store format has been a driving factor behind its success, according to Seńczuk. “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,” Seńczuk said.
Its growth is part of a broader trend of thriving convenience store chains in the Central and Southeast Europe region and elsewhere in Europe.
With discounter penetration at just 15%, compared to higher levels in neighbouring Central and East European (CEE) countries, proximity-focused retailers like Studenac are well- positioned to capture market share, the company said in its press release.
This model has enabled Studenac to become a staple in Croatian communities, the company said, with 71% of its customers living within a five-minute walk of a store.
Studenac had a network of over 1,400 stores as of September 2024. / Studenac
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