Europastry S.A. decided to postpone its initial public offering (IPO) at the Spanish Stock Exchanges, a few weeks after announcing its plans to apply for admission of the Shares to listing on the Barcelona, Madrid, Bilbao and Valencia stock exchanges for trading through the Automated Quotation System (Mercado Continuo). The company mentioned that recent unfavorable market conditions and heightened volatility during elections in Europe were the reasons behind pausing the IPO, Bloomberg reported.
The IPO is expected to comprise a primary offering of newly issued shares by the company for approximately EUR 225 m. The secondary offering will consist of existing shares made by Exponent S.à r.l., controlled by MCH Continuation Fund, Gallés Office, S.L., owned by the Gallés family and will remain as a controlling shareholder post-IPO, and Indinura, S.L., controlled by Europastry’s Chief Executive Officer, Jordi Morral. The Offering will be made to qualified investors, including a placement in the United States.
Jordi Gallés, Executive President and (through Gallés Office, S.L.) majority shareholder of the Company said: “Europastry is at the next stage of its development, and this IPO is the natural way to fund and accelerate our growth strategy to foster our leadership position in the frozen bakery segment while deleveraging and maintaining a prudent capital structure. Through international expansion, continued product innovations and a value-accretive acquisitions strategy we want to cement our position as a leader in the global frozen bakery market and promote sustainability in the sector. We are excited about our future as a listed company.”
Europastry reported a net turnover of over EUR 1.3 bn in 2023 and is targeting net turnover growth for 2024. The company founded in 1987 by Pere Gallés, is a family-owned leading global player in the frozen bakery market. Headquartered in Barcelona, it operates worldwide across more than 80 countries with 27 production centers. The company is focused exclusively on frozen products. Europastry has 27 production centers with a total of 97 production lines across seven countries and, in 2023, more than 1,000 raw materials suppliers.
Photos: Europastry Instagram
