Zagreb, Croatia, October 10th, 2024 – BOSQAR INVEST (BOSQAR d.d. – ZSE: BSQR) has completed its latest equity offering, which has attracted substantial interest from investors.
The final price of the new shares is 250.00 euros per share. This means that BOSQAR INVEST will raise 49,101,250 euros of fresh capital, which is the maximum amount of capital the company can raise given the maximum number of the offered new shares (196,405 new shares) and their final price.
Photo: Domagoj Kunić / BOSQAR INVEST
The successful offering execution brings BOSQAR’s total market capitalization to 294.6 million euros - at a share price of 250 euros and a total of 1,178,438 shares - surpassing an 8x growth since its IPO in 2019, when it had a market capitalization of 30 million euros.
The ongoing support from existing investors, who have supported BOSQAR through all capital market transactions in the last five years, has been crucial to the group’s growth and success.
"We're very pleased with the outcome of this offering of new shares. Its success highlights the growing market's confidence in BOSQAR INVEST as a leading business group in this part of Europe," said Darko Horvat, President of BOSQAR d.d.'s Management Board.
"We are particularly appreciative of the continued support of our long-term investors who have supported each capital markets transaction since our IPO, and very pleased to have gained the recognition and support of new investors, including international ones, especially those from Slovenia. This new capital will empower us to proceed with the closing of our investment in Panvita Group, which recently received all necessary regulatory approvals, and support its further expansion in the Adria Region, as well as Central and Eastern Europe (CEE)," he added.
Erste&Steiermärkische Bank d.d., UniCredit Bank GmbH, Milan Branch, and Zagrebačka banka d.d. acted as the joint global coordinators for the equity offering.
New, committed shareholders from the region
In the offering, the new shares were also subscribed for by Slovenian investors who thus enter into the shareholder structure, reflecting the trust and reputation that BOSQAR INVEST has built in the country, where it has operated since 2017.
With these new investors’ support, BOSQAR INVEST is now even better positioned to execute its business development strategy, pursue new acquisitions, and expand in both existing and new markets.
The new share offering also received the support of BOSQAR's key strategic partners, who participated in the transaction.
Capital secured for Panvita investment and expansion
The successful offering of new shares is an important step towards the closing of BOSQAR's investment in Panvita Group, a key player in the Slovenian agricultural and food market.
With this secured funding, BOSQAR will be well-positioned to move forward with its strategy to consolidate the food sector in the region and drive the expansion of Panvita, aiming to position the group as a regional leader in the next five years.
This equity offering also achieved BOSQAR's goal of diversifying and strengthening its shareholder structure by attracting both domestic and international investors, alongside existing shareholders.
BOSQAR’s Management Board expects this broadened investor base to increase trading turnover and liquidity of BOSQAR's shares on the Zagreb Stock Exchange (ZSE).
Track record: Capital markets and investments
- In 2019, BOSQAR completed its Initial Public Offering (IPO) with a market cap of 30 million euros, with strategic investments from Allianz ZB, Erste Plavi, NEK, PBZ Croatia, and Raiffeisen, followed by a new share offering in 2021 of 14 million euros, bringing the market capitalization to 100 million euros.
- In 2022, it issued Croatia's first corporate sustainability-linked bond, raising 40 million euros and establishing a partnership with EBRD and Erste as cornerstone investors.
- In 2023, the EBRD announced a 60-million-euros investment in BOSQAR INVEST's BPO vertical, Mplus.