The Slovenia Times

First Slovenian tour operator goes public

Relax CEO Karmen Kosec and Ljubljana Stock Exchange president Aleš Ipavec launch the listing of Relax shares on the Ljubljana Stock Exchange. Photo: STA

Relax was floated on the Ljubljana Stock Exchange (LJSE) on 6 June as the first Slovenian tour operator to go public.

A total of 125,195 Relax shares with the ticker symbol RELR were listed on the standard market of the LJSE at the opening price of €105 apiece.

There was no trading in the shares on the first trading day.

Relax CEO Karmen Kosec said they went public primarily to obtain a new, reliable source of financing, and boost the company's credibility.

"The share price has been formed, I expect investors will recognise it as a good investment opportunity," she said as the trading opened.

Aleš Ipavec, chairman of the LJSE management board, hailed the listing as a brave move with many positive effects. He hopes it will set an example for other companies to follow.

He said Relax was the first private company in 15 years to opt to go public itself rather that as part of a privatisation drive.

The Dravograd-based company started preparing for the listing last year. Before changing its status from a limited liability company to a public limited company, Relax offered shares to all employees.

Holding a 28% stake, the company's biggest owner is the founder Alojz Gostenčnik, who serves as deputy chairman of the management board to Kosec. The latter owns a little below 18%.

There are currently 17 shareholders, including some other managers of the company. Following last year's distribution, the proportion of own shares has been reduced to 4.9% from 30%.

Since its beginnings in the early 1990s, Relax has developed into a leading tour organiser in the country.

It has seven subsidiaries in Slovenia, the Czech Republic, Netherlands, Croatia and Serbia.

According to the management, the group posted about €40 million in revenue in 2023.

One of the subsidiaries, Relax Turizem changed its status to a joint stock company in 2012, and in December 2022, Relax as a whole decided to follow suit.


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