Ing-Grad to Renovate the Vojković-Oršić-Kulmer-Rauch Palace

Ing-Grad has signed a contract with the Croatian Historical Museum for the comprehensive renovation and energy refurbishment of the Vojković-Oršić-Kulmer-Rauch Palace located on Matoševa Street in Zagreb. This is a public tender in which Ing-Grad’s offer was evaluated as the best, with a total value of the works amounting to €12,893,305.80 excluding VAT, or €16,116,632.25 including VAT.

The announcement does not contain information about the start and completion of the works. Notably, this is the first announcement from the company on the Zagreb Stock Exchange regarding the signed construction contract since its listing on the market. It is worth recalling that the recent IPO of the construction company Ing-Grad on the Zagreb Stock Exchange was a significant success, as evidenced a few days before the end of the share subscription when the book of offers for the purchase of all offered shares, totaling 1.2 million, was filled.

Given the exceptional demand for shares in the IPO, Interkapital Securities, which was the offering and listing agent, activated the over-allotment option and increased the issuance amount by an additional 120,000 shares. In this way, a total of 1.32 million shares were sold to investors, and Ing-Grad raised a total of €60,720,000 in its market debut.

After the IPO, according to data available on the official website of the Central Clearing Depository (SKDD), founder Branislav Brizar currently holds 63% ownership, while the second-largest shareholder is the company Ing-Grad itself (3.92%). The third-largest shareholder is the AZ Mandatory Pension Fund Category A (2.76%). Fourth on the SKDD list is Erste Plavi OMF Category A (2.36%), followed by Privredna banka Zagreb (1.85%).

Ing-Grad has been operating for 40 years and specializes in three segments – the renovation of cultural heritage, energy, and infrastructure, and is often involved in the most complex renovations of cultural heritage, a field in which only a small number of companies in the construction sector are engaged.