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: BOSQAR INVEST Team
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.
About BOSQAR INVEST:
BOSQAR INVEST (BOSQAR d.d., together with its subsidiaries) is a European leader that operates in the industries of business process and technology outsourcing, information technology, employment services (HR), eCommerce, and food.
With an innovative business model, BOSQAR INVEST accelerated its expansion on the market with intensive organic growth and an M&A platform. Through its buy-and-build strategy, it has acquired 57 companies since 2016. BOSQAR INVEST is focused on improving the profitability and operations of each of its acquired companies through its standardized operational models that result in significant organic growth of all companies inside the Group and the Group itself.
Today, BOSQAR INVEST operates through four business verticals: the BPTO business vertical (brand: Mplus), the HR business vertical (brands: Manpower and Workplace), the eCommerce business vertical (brand: Eplus ventures), and the food business vertical. All business verticals are focused on shareholder value creation through a commitment to best practices in digitalization, structured key accounts management programs, rigorous financial stability and cash management, strong and dedicated management teams, and a focus on results.
In its ownership structure, BOSQAR INVEST brings together pension funds, institutional investors, international private equity funds, development institutions, and private investors. The BOSQAR INVEST business community consists of over 13,800 employees, and the group provides its services to clients who, in addition to Croatia, do business in 57 countries around the world.
