The mentioned price represents the upper range of the offering (HRK 160 – HRK 175).

Span, one of the most anticipated listings on the ZSE in recent times, has confirmed the IPO price at HRK 175 per share. The mentioned price represents the upper range of the offering (HRK 160 – HRK 175). The IPO price translates into a market cap of HRK 343m or P/E (2020) of 46x and EV/ EBITDA (2020) of 11.4x.

The announcement of the final results of the public offering will be on Tuesday, September 21 when it will be known how many shares were sold in total and how much the investors paid in total for the offered shares. Following the aforementioned, we can expect the listing of the company on ZSE and the start of trading. As a reminder, 578.2k shares were offered, representing 29.5% of the share capital.

According to the company’s prospectus, Span operated in 2020 with sales of HRK 613.8m, EBITDA of 31.5m (EBITDA margin at 5.1%) and a net profit of HRK 7.45m (profit margin 1.2%).

Span Financials (2018 – 2020) (HRK m)