The first trading day on the ZSE will be 23 September 2021.

Span published an announcement on the Zagreb Stock Exchange that the company’s shares were listed on the exchange. As a reminder, the IPO price was confirmed at HRK 175 per share, indicating that the company sold shares to qualified and retail investors for the amount of HRK 101.2m. To be specific, 578.2k shares were offered, representing 29.5% of the share capital. We also note that the oversubscription reached 40% at the price of HRK 175 per share.

Breaking down the allocation, qualified investors were allocated 55.9% of the transaction amount, while retail investors were allocated 35.6% and employees were allocated 8.5%.

The first trading day on the ZSE will be 23 September 2021.

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. 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)