The countdown has begun for Attica Department Stores’ listing on the Athens Stock Exchange (Euronext Athens), following the Hellenic Capital Market Commission’s approval of the prospectus.
According to the schedule, the binding price range for the offering will be announced on June 23, while the subscription period for the general public will open on June 24 and close on June 26. The final offering price, as well as the allocation of shares to investors, is expected to be announced on June 29. The lead underwriters are: National Bank of Greece, ACHIA Ventures (a member of the Alpha Bank Group), Eurobank, and Piraeus Bank.
The public offering involves up to 18 million existing shares, of which up to 17.1 million will be offered through a public subscription and up to 900,000 through a parallel offering to a limited group of investors.
The maximum offering price has been set at 3.20 euros per share, valuing the company at 230 million euros and bringing the total transaction value to 57.6 million euros. This is a secondary offering, as the company will not raise new capital. The proceeds will go exclusively to the selling shareholder, KYMORA Limited, with net proceeds estimated at 50.714 million euros.
With approximately 72 million shares following the listing, Attica’s market capitalization stands at 230 million euros at the maximum offering price. Based on the net profit of 15.4 million euros recorded in 2025, the company is listing with a P/E ratio of approximately 15 times last fiscal year’s earnings, while the valuation corresponds to approximately 2.2 times its equity of 106.3 million euros.
Attica operates four department stores under the “Attica, the Department Store” brand: at City Link in Syntagma, at Golden Hall in Marousi, at Mediterranean Cosmos, and on Tsimiski Street in Thessaloniki; it also has four monobrand stores and two multi-brand retail outlets. It also has an e-commerce presence. The company is part of the Ideal Holdings group and is considered one of the most profitable holdings in its portfolio.
Last year, revenue increased by 5.3% to 244.2 million euros, while operating profit rose to 31.4 million euros from 27.4 million euros. Net income after taxes amounted to 15.4 million euros, marking a 21% year-over-year increase. Net debt, excluding the impact of IFRS 16, stood at negative 29.9 million euros at the end of 2025, while operating cash flow amounted to 39.2 million euros.
The Strategy
The growth plan for the coming years, codenamed “Elevation Project,” focuses on strengthening the company’s position in the premium and luxury retail market, improving the customer experience, and further developing digital channels.
The company aims to strengthen the presence of international premium and luxury brands through new selective and exclusive distribution partnerships, while also investing in specialized concepts such as the Attica Designer Hall and the Greek Designers Hall.
In the beauty category, it focuses on niche fragrances and exclusive luxury beauty brands. At the same time, Attica continues to invest in its physical retail network. In recent years, it has completed an 8,000-square-meter expansion of the City Link department store and carried out extensive renovations at the Golden Hall and Mediterranean Cosmos stores. Furthermore, new upgrade investments are already underway for the Tsimiski Street store.
At the same time, the company is developing a new CRM system and loyalty program, investing in mobile POS technologies, and enhancing services such as personal shopping, click & collect, home delivery, and VIP service, with the aim of increasing the average spend per transaction.
Emphasis is also being placed on the online channel, which last year accounted for 5.4% of total sales, recording 29% growth. Over the next two years, the company plans to further upgrade its online store, automate processes using artificial intelligence, develop CRM and loyalty platforms, and strengthen its logistics infrastructure through partnerships with specialized 3PL providers.
In the medium term, management is considering selective expansion initiatives. These include the development of 4 to 6 new monobrand boutiques between 2027 and 2030, the opening of 4 to 6 Attica Beauty stores by 2029, and a potential expansion into new high-traffic retail destinations after 2030. If implemented, these initiatives could add up to 7,500 square meters of new retail space to the company’s network.
Currently, the company holds the right to use a total of 36,600 square meters within the Army Share Fund Building, which houses both the department store and part of its administrative offices. The lease, which was originally set to expire in 2027, has been unilaterally extended by the company for an additional 24 years.
Its second-largest department store operates at the Golden Hall in Marousi, under an agreement with Lamda Development, which has already been extended through 2032 with the option for further extension. In the same shopping center, it also operates specialty stores for international brands such as Sandro, Maje, Hugo Boss, and Kalogirou.
In Thessaloniki, the company has a dual presence through its department store at Mediterranean Cosmos and its store on Tsimiski Street. The leases for Mediterranean Cosmos extend through 2047, while the lease for the property on Tsimiski Street has already been secured through 2040.
In addition to its brick-and-mortar stores, the company has invested significantly in supporting e-commerce. It operates a logistics center in Paiania, which serves the needs of its e-shop and the broader distribution network.