Studenac, Croatia’s largest grocery retailer by store count, has decided not to proceed with the company’s initial public offering (IPO) due to “unfavourable market conditions”.

In a statement, Studenac said it had taken the decision with its majority shareholder following “challenging conditions in the capital markets.”

It added that many Croatian, Polish and international investors had shown interest in the IPO, showing an interest in the company’s business model and expansion plans.

“We remain confident in our strategy and development direction, fully committed to continuing on this path without compromise and demonstrating to our employees, investors, and all stakeholders that we can create value for them,” said Michał Seńczuk, chief executive of Studenac. “We intend to continue Studenac's organic growth by opening new stores and to pursue our proven strategy of consolidating the market through acquisitions of other players in Croatia and Slovenia.”

The company has a growth strategy based on both organic expansion and acquisitions. Since 2018, the company says it has more than tripled its network of stores and completed nine major acquisitions.

In September Studenac completed its acquisition of Slovenian retailer Kea following approval from anti-trust regulators. The move saw Kea’s 32 stores added to Studenac’s network of over 1,300 locations.

Additionally, Studenac announced in June that it would acquire 36 stores from Zagreb-based retailer Decentia.
The move aimed to strengthen its position in the Croation capital, taking its store count to over 130.

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