Owner of Mlinar: ‘With new shares, we are opening up to citizens and small investors’

As part of the offer, it is planned to issue up to 5,892,185 new shares, in the price range from EUR 25.50 to EUR 26.50 per one new share, while the company’s current shares are sold on the stock exchange for EUR 30.

Final price after the second round

– Planned release new shares for us is not just a new capital raising. We see this as additional opening of the company to the market and expansion of the investor base. As a Croatian company listed on the Zagreb Stock Exchange, we want to enable citizens, small investors and employees to participate in the further growth of BOSQAR INVEST – stated Darko Horvat, President of the Management Board of BOSQAR dd, the holding company of the BOSQAR INVEST group.

The final price will be determined after the end of the second round of offers, taking into account the expressed interest of investors, market conditions and an assessment of the likelihood of growth, risk factors and other information related to the Company’s operations, and will be publicly announced no later than one working day after the end of the second round of offers, i.e. no later than June 11, 2026.

– Maximum amount the number of shares we plan to sell is 5.89 million shares. If we were to calculate this range of subscriptions of new shares and the number of shares we plan to sell, we would arrive at an amount of 150 million euros. The capital collected through this issue of shares will be used for further investment in expansion and organic work in the group, as well as acquisitions that will be found as needed and for which a good opportunity will be determined, such as PIK Vrbovec – said Horvat.

3+1 offer for employees

The registration process is organized through a large number of physical and digital channels. Small investors in Croatia can participate through branches of Zagrebačka banka, Erste banka, Privredna banka Zagreb and Ra-iffeisenbank Hrvatska, as well as through digital platforms and applications such as mZaba, George, PBZInvestor, E-RIZNICA and M-RIZNICA. Enrollment will be additionally possible. through FINA and brokerage houses HITA, Agram Broker and FIMA Vrijednosnica. Employees of the group in Croatia can participate exclusively through Zagreb bank branches, while employees of the group in Slovenia can participate electronically through Privredna banka Zagreb (PBZ).

A special part of the offer refers to the ESOP program for employees. Through the program, employees of the group in Croatia and Slovenia have the opportunity to exercise the right to the allocation of additional shares according to the 3+1 model, i.e. one additional share for every three purchased, with the condition of continuous employment and holding the shares for two years. An individual employee can acquire up to 231 new shares.

Three nine group criteriača

BOSQAR INVEST today it operates in 27 countries and employs more than 18,500 employees. At the end of March 2026, based on the last 12 months, the group generated revenues of EUR 748 million. It operates through three strategic business verticals – technological, agri-food and employment, within which the international groups Mplus, Panvita, Workplace and Mlinar operate, which they took over in 2025.

The previous five share issues were directed towards institutional investments. All four Croatian pension funds, along with international funds, development institutions and private investors, participated in the previous issues on the capital market. BOSQAR INVEST also established a strategic partnership with the European Bank for Reconstruction and Development.

– In this call, we have three new groups of investors: Small investors in the Republic of Croatia, new institutional investors in Croatia and Slovenia, and our employees. When we started in 2019, we were an ambitious but small company. Today, we are one of the largest companies in Croatia, with extremely high potential. We then assessed that institutional investors are important for our success. Now we thought it was time to share our success with the citizens. We believe that with what we are doing, we can really increase the value of our company – said Vanja Vlak, member of the BOSQAR Management Board and CFO of the BOSQAR INVEST group.

PIK Vrbovec is a new big business move for the company.

– By connecting PIK Vrbovec with Mlinar and Panvita, we get a new vertical that has easier procurement processes, and safer and greater availability to the end consumer. We are waiting for the determination of the Agency for Market Competition on the takeover process. We expect that at the end of this year or at the beginning of next year, we could reach the closing of this transaction – said Darko Horvat.

Stjepan Oresković, foundedč and the main shareholder of BOSQAR INVEST, said that the success of the company is based on its employees