With the countdown to Attica Department Stores’ listing on the Stock Exchange already underway, the head of IDEAL Holdings, Lambros Papakonstantinou, is already preparing his next business move.
Responding to questions from Euro2day.gr on the sidelines of the briefing regarding Attica Department Stores’ listing on the Stock Exchange, he essentially hinted at a new deal after the summer, without, however, revealing any further details. “By September, God willing, we’ll find something to do,” he said, specifying that the relevant announcements would be made after the Thessaloniki International Fair.
When asked by Euro2day.gr whether the group is considering listing other companies on the stock exchange besides Attica Department Stores, he replied in the negative for the time being, though he did not rule out such a possibility in the future. “Not right now. I never know what the future holds. In any case, there’s nothing in the works at the moment,” he said.
When asked to comment on the view that private equity funds are now making acquisitions at valuations two or even three times lower than two years ago, he offered a different perspective. As he argued, a one-size-fits-all rule cannot be applied to valuations, as each market has different characteristics. “It doesn’t mean that just because something happened in England or Germany, it’s happening here too. This is a different market,” he emphasized. Describing the unique characteristics of the Greek market, he noted: “Here, you have to find two parties willing to make the transaction; otherwise, it doesn’t happen. It’s not a large, liquid market.”
Mr. Papakonstantinou also noted that excess liquidity remains a key feature of the investment environment. “Right now, there continues to be a great deal of liquidity. The money needs to be reinvested. We don’t want to sell, because if you sell, what are you going to do with the money? You first have to find where to put it and then exit,” he said.
As for the public offering of Attica Department Stores, it begins on Wednesday, June 24, and ends on Friday, June 26, with trading in the stock scheduled to begin on July 2. The maximum offering price has been set at 3.20 euros per share, and the goal is to raise 57.6 million euros.
During the presentation, Mr. Papakonstantinou pledged that the company would distribute a dividend equal to 60% of net profits, provided that its performance remains close to 2025 levels. Based on current data, this translates to an annual dividend payout of over 12 million euros. At the same time, he made it clear that IDEAL Holdings does not intend to reduce its stake after the 180-day lock-up period expires. “Attica’s listing marks the beginning of a new cycle of growth. We believe the company has much more to offer over the next five years,” he said.
Since 2021, Attica Department Stores has been implementing the “Elevation Project” investment program, through which it has invested more than 21 million euros over the past three years. For the period 2026–2030, the development plan calls for investments of 7 million euros annually, with the aim of further strengthening the company’s presence in the premium and luxury retail market. Growth will come from both the organic expansion of operations and new investments in physical and digital retail outlets.
According to management, the company’s strong financial position was also reflected in its first-quarter 2026 results. Revenue increased by 8% to 53 million euros, comparable EBITDA stood at 3.6 million euros, up 2%, while comparable earnings before taxes (EBT) rose by 7% to 2 million euros. At the same time, the company held net cash and cash equivalents of 12.3 million euros at the end of March. At the operational level, physical stores welcomed 1.6 million visitors during the first quarter of the year, while the company’s online store recorded a 40% increase in revenue, supported by the continued expansion of its product range.