Tonci Korunic
InterCapital
ING-GRAD
Deal Type
IPO
Sector
Construction
Completion Date
7th March 2025
Deal Value
€61m
Company Background
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.
Deal Summary
InterCapital has successfully acted as Coordinator, Bookrunner, and Listing Agent in the IPO of ING-GRAD.
The final IPO price was set at the upper end of the price range - EUR 46 per share, indicating a deal size of EUR 60.7m. The strong demand for shares was evident, as the IPO was oversubscribed 2.5 times, while more than 2,500 shareholders participated in the offering.
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.
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