Żabka Group has revealed plans for an initial public offering (IPO) without issuing new shares, preparing for its debut on the Warsaw Stock Exchange (WSE). The company’s majority shareholder, CVC Capital Partners, confirmed it will remain a shareholder following the IPO. It may be one of Poland's largest initial public offerings in the last decade.
The offering in the country’s largest convenience store chain would comprise only existing shares The offering will provide CVC an opportunity to partially exit its investment, while giving the retailer access to capital markets in case of potential takeover transactions. The offering will target institutional investors in select markets and individual investors in Poland. The company itself will not receive proceeds from the sale of shares, as all funds will go to the selling shareholders.
Żabka’s management believes that listing on the WSE will boost the company’s public profile, increasing brand awareness and attracting more interest from business partners and stakeholders. Additionally, management sees the IPO as a way to motivate senior staff and enhance Żabka’s reputation as an attractive employer.
“We are proud of our recent partnership with Żabka and remain committed to supporting the company’s growth,” said Krzysztof Krawczyk, Chairman of Żabka’s Board of Directors and Partner at CVC Capital Partners. “The IPO is a natural next step in executing Żabka’s ambitious development strategy.”
Tomasz Suchański, CEO of Żabka Group, highlighted that the growing demand for convenience in retail presents vast opportunities. “Our goal is to double our sales by 2028 and expand by opening over 1,000 stores annually in Poland and Romania,” he said.
Żabka’s financial results reflect its growth trajectory. In 2024, sales rose by PLN 2.36 billion year-on-year (up 22%) to PLN 12.89 billion. In the first half of 2024, revenues reached PLN 11.15 billion, a 21.5% increase from the same period in 2023. The company also reported an adjusted EBITDA of PLN 1.4 billion, marking a 33.5% rise year-on-year.
CVC bought Zabka from Mid Europa Partners in 2017, in what was then the biggest deal in Poland’s food retail sector. The convenience store chain operates more than 10,000 branches, most of which are run by franchisees, according to its website. It has also recently expanded into Romania after acquiring a controlling stake in consumer goods distributor DRIM Daniel Distributie.
