It has been known for some time that the third IPO of the year will feature Tokić Group, one of the leading distributors of auto parts and equipment for passenger and light commercial vehicles in the independent aftermarket in Croatia and Slovenia. This first blog is focused on the Group’s business model and historical financial performance, while the next one will provide more details on the IPO itself.
On 26 September, the Croatian Financial Services Supervisory Agency (HANFA) approved the Prospectus for the public offering and listing of Tokić d.d. shares on the Zagreb Stock Exchange (ZSE). The Company currently has a share capital of EUR 22.75m, divided into 3,080,000 regular shares. The IPO will include up to 1.2m shares, with 1m new shares to be issued, and 200k treasury shares to be sold. Also, an additional 100k shares under the greenshoe options can be issued in case of oversubscription. Since neither the exact dates nor the price range have been disclosed at the time of writing, we begin by outlining the Group’s fundamentals, with IPO-specific details to follow in the next blog.
Tokić d.d. specializes in the distribution and sale of spare auto parts and equipment for passenger and light commercial vehicles, primarily through the independent aftermarket (IAM) channel. The Company heads a group of subsidiaries, including Bartog d.o.o. Trebnje (the largest tire distributor in Slovenia, acquired in 2020), and Bartog Adria (tire distribution for Croatian market). Moreover, NEK-TOK d.o.o. is a newly established entity (majority owned by Ruža and Ilija Tokić) managing the Group’s real estate portfolio, which is leased back to operating companies, and is not consolidated with the Group. Tokić generates the majority of its revenues in Croatia and Slovenia, where it holds a strong market position of ~20% share (21.1% in Croatia and 18.2% in Slovenia in 2024). A small portion of sales is also exported to Austria, Hungary, Germany, Montenegro, and other neighboring countries.
The Group operates more than 120 retail outlets across Croatia and Slovenia, supported by two LDCs and a network of regional hubs. Retail remains the dominant channel, accounting for 86% of revenues in 2024, while the contribution from wholesale franchise partners and export account for the remaining 14%. This reflects the Group’s strategy of internalizing sales through its own stores, optimizing inventory, and tailoring assortments.
Tokić offers +300k items sourced from over 300 global suppliers. The product mix covers oils and lubricants, braking systems, steering and suspension, filters, batteries, auto-electrics, tires, and additional equipment. In 2024, 78% of revenues was attributed to auto parts, while 22% was generated from sale of tires.
From a customer perspective, passenger cars remain in focus, accounting for 85% of revenues, while the remainder comes from commercial vehicles, agricultural, industrial, and other programs.
Number of passenger cars (in million) and average age of vehicles in Croatia (left) and Slovenia (right)
Source: Center for Vehicles of Croatia (CVH) , SURS, InterCapital Research
The IAM sector in Croatia and Slovenia benefits from two structural trends: growth in the total vehicle fleet and the increasing age of cars. In 2024, in Croatia there was more than 2 million registered passenger vehicles, while 83% where older than 5 years. Total number of vehicles increased by 3.4% CAGR since 2015, with the average vehicle age amounting 13.4 years in 2025. On the other hand, in Slovenia there was around 1.25 million registered cars, a number growing by 1.7% CAGR since 2015. The older cars represent 76% of the total, and their number has been increasing by a higher 2.1% CAGR. The average age of vehicles reached 11.3 years in 2024.
As for the new registrations, Croatia reached 155k vehicles in 2024, out of which 65k was new cars and 90k used ones. In Slovenia, 93k registrations were recorded, split into 53k new and 40k used vehicles.
New and used passenger vehicles registrations (in thousands) in Croatia (left) and Slovenia (right)
Source: Center for Vehicles of Croatia (CVH) , SURS, InterCapital Research
Moving on to the financials, we see that the revenue growth has been consistent, driven by network expansion, organic growth of existing stores, and assortment upgrades. Although revenues in H1 increased 5.1% YoY, the ongoing expansion and the hiring of 140 new employees in sales and logistics drove personnel costs up by 19% YoY. As a result, EBITDA declined from EUR 10.6m in H1 2024 to EUR 8.9m in H1 2025 (down 15.8%), with the margin contracting by 1.9 p.p., from 9.7% to 7.8%.
Net profit broadly mirrored this trend. After rising from EUR 2.8m (1.6% net margin) in 2022 to EUR 9.0m (3.9% net margin) in 2024, it came in at EUR 2.9m in H1 2025, representing a 2.5% margin. The decline reflects the impact of increased investment in network expansion, staffing, and infrastructure, which we will cover in more detail in the next blog post. Although short-term profitability is under pressure, these expansion-driven costs are expected to generate positive effects in upcoming periods.
Key historical financials (2022 – H1 2025, EURm, %)
Source: Tokić Group, InterCapital Research
The first part of Tokić’s IPO coverage highlighted the Group’s structure, markets, revenue segmentation, industry tailwinds, and financial trajectory. Despite temporary margin pressure in H1 2025 due to expansion, the Group maintains a solid growth profile.
In the next blog, we will turn to the IPO details – key dates, offering size, and how proceeds are expected to be allocated, particularly regarding CAPEX. Till next time, we leave you with the link to prospectus (Croatian only), if you have not had the chance to read it by yourself already.