Jumbo's share placement has increased from 2 million shares to 4 million shares, or about 3% of the shares, Bloomberg reports.

It is noted that the placement is fully controlled by the chairman and major shareholder, Apostolos Vakakis, Tanocerian Maritime.  The proceeds amount to approximately €109 million, Bloomberg reports.  It should be noted that the offer price of 27.20 euros per share represents a discount of 9.33% to the last closing price.

As it is known, in 2023, Jumbo Group exceeded €1 billion in sales, now occupying the highest position in the domestic retail sector (except for the large food chains), while showing impressive profitability and cash reserves of 370.4 million euros. Nevertheless, the group's chief executive, A. Vakkakis, maintained his conservative forecast of 8%–10% sales growth in 2024, estimating that the impact of war and crisis hotspots in the region needs to be assessed.

According to the most up-to-date update on March sales, these appear up by around 17% year-on-year, mainly due to the seasonality of sales in Greece and Cyprus, where the Halloween celebrations this year were on March 17 (February 26  last year).