ING-GRAD d.d., a leading Croatian construction company, has officially debuted on the Zagreb Stock Exchange (ZSE) following the successful completion of its initial public offering (IPO). All 3,990,000 shares have been listed on the ZSE, with official trading commencing on Monday (March 10). The IPO was met with significant investor enthusiasm, selling out at the maximum price of €46 per share, resulting in a total capital raise of €60,720,000.
With this milestone, ING-GRAD becomes the first construction company in several years to enter the domestic stock exchange, marking a pivotal moment for both the company and Croatia’s capital market. The newly structured ownership includes:
Qualified Investors: ~59%
Retail (Small) Investors: ~38%
ING-GRAD Employees: ~3%
“The strong interest from all investor segments has ensured a balanced and diversified shareholder base, allowing us to step confidently into this new phase of growth. I am particularly proud that nearly half of our employees are now co-owners of ING-GRAD, a testament to their trust in the company’s long-term stability and success. I sincerely thank our institutional investors, citizens, and all retail investors who have placed their confidence in us. I look forward to sharing our future successes together as a true shareholder-driven company,” said Branislav Brizar, CEO of ING-GRAD.
Investor Demand Exceeds Expectations
The IPO attracted demand far exceeding the initially offered 1,200,000 shares, prompting the activation of an over-allotment option for an additional 120,000 shares. The offering closed at the upper price range of €46 per share, underscoring strong investor confidence in ING-GRAD’s business model and the growth potential of the construction sector.
“We are very pleased that ING-GRAD’s listing marks the first IPO of the year on the Zagreb Stock Exchange. This is a significant development for the Croatian capital market, as it introduces a new investment opportunity in the highly dynamic construction industry. The high free float of the share is a key factor for market liquidity, and this successful listing reinforces the idea that with solid preparation and a compelling investment story, investors will respond positively,” said Ivana Gažić, CEO of the Zagreb Stock Exchange.
A New Era for ING-GRAD and the Market
For the first 30 days of trading, Interkapital, the Offer and Listing Agent, will act as a market stabilizer to support orderly trading conditions.
“We are extremely proud to have played a role in this milestone for ING-GRAD. The company’s listing on the Zagreb Stock Exchange is not only a recognition of its strong financial performance and stability but also a signal of investor confidence in the construction sector. The industry is experiencing rapid growth and accounts for an increasing portion of gross added value. This listing enhances transparency, attracts capital, and strengthens both the construction sector and the market as a whole,” concluded Tonći Korunić, Senior Partner at Interkapital.
With this historic listing, ING-GRAD embarks on a new phase of growth, transparency, and shareholder value creation, reinforcing its position as a key player in the Croatian construction industry.
ING-GRAD at a Glance
Year founded: 1985 Headquarters: Zagreb, Croatia Employees: 250
