ODREDNICE INICIJALNE JAVNE PONUDE IZABRANOG PODUZEĆA U HRVATSKOJ

master's thesis

• Title (english): INITIAL PUBLIC OFFER DETERMINANTS OF THE SELECTED COMPANY IN CROATIA
• Author: Robert Hrgović
• Mentor: Martina Nakić (mentor); MBZ: 323420
• Committee member: Jakša Krišto (predsjednik povjerenstva)
• Committee member: Maja Mihelja Žaja (član povjerenstva)
• Granter: University of Zagreb; Faculty of Economics and Business; (Department of Finance); Zagreb
• Defense date and country: 2021-09-23, Croatia
• Scientific / art field, discipline and subdiscipline: SOCIAL SCIENCES; Economics; Finance

Abstract

Inicijalna javna ponuda je oblik financiranja poduzeća kojeg karakteriziraju visoki troškovi, no osim financijskih, donosi i druge dobrobiti za sve interesne skupine. U postupku koji može trajati dulje od godine dana sudjeluju brojni financijski i drugi stručnjaci te institucije pružajući savjetničke, financijske i druge usluge s ciljem procjene vrijednosti izdavatelja i uspješnosti emisije. Bitan činitelj uspjeha cjelokupnog procesa je stanje na tržištu kapitala koje je u promatranom razdoblju obilježeno turbulencijama izazvanim globalnom zdravstvenom i posljedično gospodarskom krizom 2020. godine. Navedene godine Ciak Grupa d.d. pokreće postupak dokapitalizacije izdanjem novih dionica na hrvatskom tržištu kapitala razrjeđujući dotadašnju vlasničku strukturu. Jedan od ciljeva ovoga rada je analizirati poslovanje izabranog poduzeća prije dokapitalizacije temeljem javno dostupnih podataka čime je zaključeno da je proces izdanja dionica započet uz visoke izglede uspjeha. Izdanje novih dionica provedeno je pri donjoj prihvatljivoj razini cjenovnog raspona dionica kao posljedica tadašnjeg stanja tržišta kapitala, međutim ocjenjeno je kao uspješno. Također, grupa je prikupljenim kapitalom započela novi investicijski ciklus utvrđivanja tržišne pozicije preuzimanjima i ulaganjem u proizvodne resurse.

Abstract (english)

The initial public offer (IPO) of shares on the regulated capital market is the most complex form of financing a company characterized by high costs, but in addition to financial, it also brings other benefits for all stakeholders. Numerous financial and other experts and institutions participate in this process, which can take up to a year, providing advisory, financial and other services in order to assess the value of the issuer and the success of the offering process. An important factor in the success of entire process is the situation on the capital market, which in the observed period was marked by turbulence caused by the global health and consequently economic crisis in 2020. In that year, Ciak Grupa d.d. initiates recapitalization process by issuing new shares on the Croatian capital market, diluting the previous ownership structure. One of the objectives of this thesis is the business analysis of selected company before the recapitalization based on publicly available data, which concluded that the process of issuing shares began with a high chance of success. The issue of new shares was carried out at the lower acceptable level of the share price range as a consequence of the capital market situation at the time, but it was rated as successful. Also, the Group started a new investment cycle with the collected capital to determine market position through acquisitions and investments in production resources.

• Keywords: inicijalna javna ponuda; modeli procjene vrijednosti; tržište kapitala; Ciak Grupa d.d.
• Keywords (english): initial public offering; valuation models; capital market; Ciak Grupa d.d.
• Language: croatian
• URN:NBN: urn:nbn:hr:148:818125
• Study programme: Title: Business Economics; Study programme type: university; Study level: integrated undergraduate and graduate; Academic / professional title: magistar/magistra ekonomije (magistar/magistra ekonomije)
• Type of resource: Text
• File origin: Born digital
• Access conditions: Access restricted to authenticated users
• Created on: 2021-09-24 16:30:05