CVC plans to float Zabka Polish convenience store chain
Zabka plans IPO in Warsaw
Shares to be offered by shareholders
Zabka aims to open over 1,000 stores/year in mid-term
Adds Zabka response in paragraphs 8, expansion plans in paragraph 11
WARSAW/GDANSK, Sept 23 (Reuters) -Zabka said on Monday that CVC Capital Partners plans to float the convenience store chain in Warsaw, in what will be one of Poland's largest initial public offerings of the last decade.
Better market conditions and higher stock prices have prompted a European IPO revival, with debuts by Swiss skincare group Galderma, German perfume retailer Douglas and Spanish beauty group Puig this year. CVC itself listed in April.
Founded in 1998, Zabka is one of Poland's most recognisable brands with more than 10,500 stores operated under a franchise model. Its IPO might boost Warsaw's bourse, which in the past three years has mainly seen moves from its smaller NewConnect exchange.
It could also be one of the biggest in Poland's recent history after discount retailer's Pepco owners sold shares worth 3.7 billion zlotys ($959 million) in 2021 and e-commerce platform Allegro's IPO raised 9.2 billion zlotys in 2020.
"It is definitely good news for the Polish stock exchange that such a large company will debut on the Polish market," said Haitong's executive director, Konrad Ksiezopolski, adding that Zabka is a certain candidate to join Poland's blue-chip index.
Zabka said the offer will consist of the placement of an undisclosed number of existing shares to institutional investors in certain jurisdictions and to retail investors in Poland.
The company itself will not receive any of the funds raised.
Zabka said in an email it was too early to provide details. CVC declined to comment.
"We look forward to remaining a supportive shareholder," Zabka chairman and CVC partner Krzysztof Krawczyk said in a statement. "We are delighted to be taking this next step in Zabka Group's journey," added Zabka CEO Tomasz Suchanski.
The offering could value Zabka at $7.5 billion to $8 billion, with CVC pocketing as much as $1.5 billion, Bloomberg News reported in June.
EXPANSION
Zabka plans to open more than 1,000 stores a year in the medium term in both Poland and Romania, a market it entered recently. It aims to more than double its 2023 sales by 2028.
In 2023 its revenues grew by 24% to 19.81 billion zlotys, while adjusted EBITDA rose 17% to 2.83 billion zlotys. In the first half of 2024 revenues increased by 21.5% to 11.15 billion zlotys and adjusted EBITDA by 33.5% to 1.4 billion zlotys.
Zabka said it expects to deliver high single-digit like-for-like growth of 7.5-9.0% for 2024 and targets improvements in adjusted EBITDA margins towards the top-end of its 12-13% target range in the medium-term.
($1 = 3.8587 zlotys)
Reporting by Alan Charlish and Anna Koper in Warsaw, Anna Pruchnicka in Gdansk, additional reporting by Tymon Miller; Editing by Kirsten Donovan, Christina Fincher and Alexander Smith
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