Europastry confirms its IPO in July and targets €2 billion.

The new family company will make the jump to the Spanish stock market in 2024. Following steps taken by Catalan perfume firm Puig, Europastry will float around 25% of its capital, allowing the Galles family to retain a majority stake in the company.

The Catalan company is one of the world’s five largest frozen bakery groups and thus confirms its desire to go public in what is considered the largest number of exits since the crisis on the national stock market. financial, if all the companies featured in the final goal manage to maintain their plans. Tendam, also awaiting a stock market listing, could unveil its plans this week to take advantage of a window of opportunity in July. This is the moment chosen by Europastry to make its debut on the stock market.

The company, which has yet to close the price of the transaction with the issuing banks, will be looking for valuations close to 2,000 million euros. According to the planned schedule, Its debut should occur at the end of the first half of July.

For now, Europastry has only announced how the operation will be structured, which, as has been the case for many years, will not allow entry to small investors. Thus, the task of a frozen bread production plant intended for professionals and institutions is to perform two operations. One of these will be a capital increase, with which the company hopes to raise around 225 million euros on the market, as well as providing an exit to the existing shares of the company Expont, which is in the hands of the Galles family, which will retain a majority stake. share approximately 75%.

One of the goals of the stock market debut is to clean up the company, reduce debt and “maintain a reasonable capital structure,” as well as promote internationalization, according to group president Jordi Galles.

Founded in 1987 by Pere Galles, Europastry had a turnover of more than $1.3 billion in 2023, operates in 80 countries and has 27 production centers. In the first quarter of 2024, the company achieved net sales of more than 325 million euros and adjusted EBITDA of more than 47 million.