IDEAL Holdings is preparing to list Attica Department Stores on Euronext Athens. This move, which—according to sources—will be carried out exclusively through the sale of existing shares, is part of IDEAL Holdings’ strategic plan; the company will remain the majority shareholder, retaining indirectly (through its Cypriot subsidiary) 52.5% of the company.
Attica has already submitted the Prospectus to the Hellenic Capital Market Commission for approval, and the public offering process is expected to begin after mid-June, following the receipt of the necessary approvals and an assessment of market conditions.
It is noted that IDEAL Holdings is a holding company listed in Greece with a diversified investment portfolio. From 2021 to the present, it has invested a total of €400 million in the Greek economy across three different sectors (department stores, IT, and food), according to sources within the group.
Its focus is on majority investments in Greek companies, regardless of sector, with specific characteristics (dominant market position, effective management, sound financials, growth potential). By providing strategic guidance and expertise, IDEAL Holdings maximizes the return on its investments, enhancing their profitability and long-term growth.
Attica Department Stores
Having already charted a highly successful course, Attica Department Stores combines a significant market position, strong financial performance, and a presence in properties with high commercial and tourist foot traffic. At the same time, the implementation of a comprehensive omnichannel retail strategy, continuous and targeted investments, as well as the planned expansion into The Ellinikon (Riviera Galleria) are creating the conditions for strong growth in the coming years.
According to the same sources, the public offering of Attica Department Stores is yet another strategic initiative by IDEAL Holdings with two objectives:
For Attica Department Stores:
- Highlighting the growth story and its true value.
- Opportunity for both existing IDEAL Holdings investors and new institutional and individual investors to invest in a highly profitable company with a significant position in the Greek market, as well as to participate in developments in the European retail sector.
- Expansion of the shareholder base.
- Enhancing transparency and corporate governance.
- Providing the management team with greater flexibility to accelerate the implementation of the company’s strategy and future growth.
For IDEAL Holdings:
Another successful partial exit that allows for the immediate realization of the value created for the benefit of its shareholders (without dilution through the issuance of new shares).
At the same time, maintaining a strong majority stake ensures IDEAL Holdings’ participation and support in Attica Department Stores’ next growth cycle and guarantees the continuation of investment success.
The Timing
According to the same sources, despite the challenges, the current timing is viewed as particularly positive, taking into account:
• The favorable macroeconomic environment: The recovery of the Greek economy, the strengthening of tourism, and the gradual improvement of the country’s investment outlook favor the public listing of a company with strong exposure to quality consumption and ties to tourism.
• The momentum of the Greek capital market: The Athens Stock Exchange (Euronext Athens) is entering a new phase of outward expansion and international visibility, seeking high-quality companies that enhance the market’s depth and attractiveness.
• The sustained strong financial performance and prospects of Attica Department Stores: The company demonstrates consistent strong performance and profitability, as well as robust growth momentum that is expected to be further strengthened by the implementation of its investment plan (The Elevation Project) and its strategic presence at the iconic The Ellinikon.
With net cash (Financial Statements 2025) and strong cash flows, Attica Department Stores has the ability to fully self-finance its investments for the next three years. These factors combine to create conditions for an attractive dividend policy with a growth-oriented focus.
The announcement to the Stock Exchange
IDEAL Holdings announces that its controlled Cypriot subsidiary, Kymora Limited, the sole shareholder of ATTIKA DEPARTMENT STORES S.A. (“Attica”), is considering the possibility of offering a portion of the existing shares it holds in attica to the investing public in Greece through a public offering.
At the same time, the potential listing of all of attica’s shares for trading on the Regulated Market of the Athens Stock Exchange (Euronext Athens) is being considered.
In this context, and in cooperation with Attica, it has initiated the necessary preparatory steps to evaluate the transaction.
Any final decision regarding the public offering and/or the listing of attica’s shares for trading, as well as the terms and timeline thereof, will be made at a later date. IDEAL Holdings will inform the investing public of any relevant developments in accordance with the applicable legal and regulatory framework.
The transaction is subject, among other things, to a final decision by the competent corporate bodies, and prevailing market conditions, as well as the receipt of the required regulatory and supervisory approvals, including the approval of the Prospectus and the listing application by the competent authorities.
This announcement does not constitute an offer to sell or a solicitation of an offer to buy securities, nor is it a recommendation or inducement to make an investment decision.