The final IPO price was set at the upper end of the price range – EUR 46 per share, indicating a deal size of EUR 60.7m.

ING-GRAD is one of the largest construction companies in Croatia, generating EUR 120m in sales and EBITDA of EUR 21.9m in 2024. The company specializes in three key segments: cultural heritage renovation, energy and infrastructure, and commercial and residential buildings.

Since its foundation, ING-GRAD has successfully completed more than 200 projects, including the restoration and preservation of numerous Croatian cultural and heritage sites, some of which are listed on UNESCO’s World Heritage List.

The final IPO price was set at the upper end of the price range – EUR 46 per share, indicating a deal size of EUR 60.7m. The strong demand for shares was evident, as the IPO was oversubscribed 2.5 times, while more than 2,500 shareholders participated in the offering.

This marks the first IPO on the Zagreb Stock Exchange (ZSE) since 2021 while the IPO is particularly significant because it represents one of the largest participations of retail investors in an IPO on ZSE in more than 15 years. Additionally, this marks the first time in Croatian history that the “Green shoe” option was exercised in an IPO.

InterCapital is proud to have had the opportunity to advise ING-GRAD in this successful capital-raising process and its listing on the ZSE. It is a great honor to have contributed to this historic moment for the Issuer and the Croatian capital market. This deal further attests to InterCapital’s expertise in equity capital markets, as well as its valuable role in the development of the Croatian capital market.