Croatian corporate management company CIAK Grupa plans to raise its capital by up to 72.2 million kuna ($11.3 million/9.5 million euro) to 206.3 million kuna by way of initial public offering on the Zagreb Stock Exchange (ZSE), the bourse said.
The shareholders approved the company's plan to issue up to 7,218,825 new shares without par value in June, and the Croatian Financial Services Supervisory Agency endorsed the plan and CIAK's listing prospectus on October 8, the ZSE said in a statement last week that SeeNews reported.
CIAK Grupa plans to carry out the public offering in two rounds and will publishing separate invitations to investors for each of them.
In the first round, the new shares will be offered for sale at a price of between 39 kuna and 44 kuna each. At least 6,308,889 of the new shares have to be subscribed for in order for the issue to be considered successful.
Subject to the success of the public offering, CIAK Grupa will request listing of the new shares and its existing 13,406,390 shares.
Zagreb-based CIAK Grupa has subsidiaries in Croatia, Slovenia, Serbia and Bosnia, and is active on the markets of the Czech Republic, Poland, and Italy, among others, according to its prospectus posted on the ZSE website. The main line of business of its units is the distribution of car parts, batteries and oils; waste management and recycling; and wholesale.
In Croatia, it is a leading distributor of car parts and accessories with over 100 points of sale and runs four hazardous waste management centres and one battery recycling centre.
The group is controlled by Croatian citizen Ivan Leko and his family.