Palirria is planning a listing on the Stock Exchange, with the IPO being favored as the next major step for the Greek food industry, according to sources with knowledge of the company's plans.
With sources close to the company telling Euro2day.gr that it is something they are considering (i.e. a listing on the Stock Exchange), although as they note the final decision has not yet been made.
The choice of the capital market, as banking sources report, comes to the fore after the abandonment of the effort to sell it, which did not come to fruition, as the shareholders did not secure the price they were seeking.
According to the same sources, a listing on the Stock Exchange could also constitute the route for the divestment of VNK Capital of Vasilis Katsos. The investment company controls 36% of Palirria, a stake it acquired in 2019.
Before getting there, Palirria is attempting to further increase its size and valuation. The group has set a target for turnover to exceed 150 million euros from 115.2 million euros in 2025, investing mainly in ready meals, in increasing production capacity and in expanding its presence in international markets.
The company, which built its international presence on dolma and has production units in Greece, Bulgaria, Jordan and China, has expanded in recent years into ready meals and dough products.
Last year consolidated turnover increased by 1.7%, to 115.2 million euros, compared with double-digit growth rates in previous years. Operating profitability moved faster, with EBITDA strengthening by 5.3%, to 23.7 million euros.
Net profits remained essentially unchanged at 13.3 million euros. At the same time, cash reserves declined to 10.6 million euros from 15.4 million euros.
The geopolitical risk also enters the equation for the next day. For the current fiscal year, management characterizes the war in the Middle East as the most significant factor of uncertainty. The region is important for Palirria also because of its production presence in Jordan.
At the same time, a tax audit is underway for the company's intra-group transactions. On January 26, a partial tax audit report for the 2020 and 2021 fiscal years was served on Palirria. According to management, the audit is expected to be completed no later than January 2027.