Tommy Transitions to Joint-Stock Company, Announces Possible Stock Exchange Listing
The restructuring of the Croatian supermarket chain is a key step toward a public share offering that could be one of the largest in Croatian history.
The restructuring of the Croatian supermarket chain is a key step toward a public share offering that could be one of the largest in Croatian history.
Croatian supermarket chain Tommy has been transformed from a limited liability company into a joint-stock company, a key prerequisite for a potential listing on the Zagreb Stock Exchange, as reported by Financije.hr. This move confirms earlier announcements by owner Tomislav Mamić, who stated back in March this year that they were considering going public.
In the final days of July, the previous business stakes were converted into 8,544,330 ordinary shares, each with a nominal value of one euro, and the articles of association of the joint-stock company were also adopted. At the same time, the share capital increased from 2.54 to 8.54 million euros, using part of the retained earnings, as published on Financije.hr.
According to unofficial information from financial circles, work on a potential IPO has been underway for several months. In the public offering, 25 to 30 percent of the company's stake could be offered, which would allow Tommy to raise between 180 and 200 million euros, making it one of the largest IPOs in Croatian history.
According to unofficial information reported by Forbes Croatia, the preparation of Tommy's IPO is being handled by Zagrebačka banka and InterCapital. More information on a potential date for the public offering is expected by mid-September.
The Zagreb Stock Exchange saw three initial public offerings (IPOs) last year: ING-GRAD, Žito, and Tokić. Žito raised 130 million euros, ING-GRAD 61 million, and Tokić 23 million euros. This year, no IPO has been recorded on the ZSE so far.
Tokić also underwent the same procedure of transforming into a joint-stock company before going public, confirming that this is a natural and necessary corporate framework if shares are intended to be offered to the public.
Tommy is the retail market leader in Dalmatia and the seventh-largest retail chain in Croatia. The company operates 230 sales locations within Croatia. In 2025, it generated 726.3 million euros in revenue, 12 percent more than the previous year, with a net profit of 25.6 million euros, according to Financije.hr data.
Forbes Croatia cites slightly different figures: revenues of 723 million euros and a profit of 30 million euros last year. Thus, sources differ in the amounts of revenue and profit for 2025.
The Tommy Group owns the companies Bobis, Brodokomerc nova, Petason, and Spectar Trade. In 2025, the group recorded revenue of 749 million euros and a profit of 37 million euros. The IPO should include, in addition to the Tommy retail chain, its production companies Petason and Bobis.
Bobis is a bakery and confectionery producer from Solin that holds iconic status in Split. Also from Solin, Petason is one of Croatia's largest fresh meat producers. It was founded in 1990 and took over Mesopromet in 2004.
Tommy recently signed a cooperation agreement with the Italian organization Coop Italian Food, further confirming its strategy to strengthen its presence at the national level. When asked by Forbes Croatia for new information regarding the change in company form and the direction of organizing the IPO, the company responded that there is currently no new information.
