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Intercapital (Croatia) has successfully acted as Coordinator, Bookrunner, and Listing Agent in the IPO of ING GRAD on the Zagreb Stock Exchange

ING-GRAD is one of the largest construction companies in Croatia, generating EUR 120m in sales and EBITDA of EUR 21.9m in 2024. The company specializes in three key segments: cultural heritage renovation, energy and infrastructure, and commercial and residential buildings. Since its foundation, ING-GRAD has successfully completed more than 200 projects, including the restoration and preservation of numerous Croatian cultural and heritage sites, some of which are listed on UNESCO’s World Heritage List.

This marks the first IPO on the Zagreb Stock Exchange since 2021 while the IPO is particularly significant because it represents the first public offering of a construction company on the ZSE since 2008.

On its first trading day, ING-GRAD shares were by far the most traded on the Zagreb Stock Exchange, with a turnover of more than EUR 1 million. The stock closed its first day at EUR 48.5 per share, marking a +5.4% increase compared to the IPO price.

• The IPO deal size amounted to EUR 60.7 million.
• The IPO was 2.5 times oversubscribed.
• More than 2,500 shareholders participated in the IPO.
• The IPO price was EUR 46 per share, at the upper end of the price range.

InterCapital is proud to have had the opportunity to advise ING-GRAD in this successful capital-raising process and its listing on the ZSE. It is a great honour to have contributed to this historic moment for the Issuer and the Croatian capital market.