Croatian retail and food-production group Tommy is preparing an initial public offering that could raise between €180 million and €200 million, potentially making it the country’s largest stock-market flotation by a private company.
Reporting published on 19 October said the group planned to offer investors a stake of between 25% and 27%. The proposed transaction would bring the business to the Zagreb Stock Exchange while leaving its existing owner in control.
Tommy says the proceeds would support the group’s further growth and development. Employees and members of its customer loyalty programme would receive special terms when purchasing shares, although the final offer documentation will be important in establishing how those arrangements work.
The fundraising target remains an ambition rather than money already secured. Its eventual size will depend on the offering’s approved terms and investor demand. SeeNews
Croatian business daily Poslovni dnevnik reported that the group had submitted a request to financial regulator Hanfa for approval of its prospectus. A listing is planned by the end of November.
The group combines the Tommy retail chain with bakery and confectionery business Bobis and meat producer and distributor Petason. Planned uses of the proceeds include new stores, acquisitions in Croatia and the wider Adriatic region, and expansion of Bobis’s production and retail operations.
The proposed offering would also be significant for Croatia’s capital market. Poslovni dnevnik calculated that the three IPOs completed in 2025—ING-GRAD, Žito and Tokić Group—had a combined value of €214 million. Tommy’s target would therefore approach the value of those transactions taken together.
Retail investors contributed approximately €85 million across the three earlier offerings, with around 8,700 small investors participating. That provides relevant context for Tommy’s intention to involve employees and customers in its flotation. Poslovni dnevnik
The proposal connects two forms of expansion: additional capital for a consumer-facing business and a potentially larger pool of listed shares available in Zagreb. For investors, however, the size of the fundraising target is only one consideration. The prospectus will be needed to assess pricing, the group’s finances and the specific rights attached to the shares.
The coming weeks will show whether Tommy can convert its announced plans into an approved and fully subscribed offering. Until then, the projected proceeds and timetable remain subject to completion of the transaction.
