Shares of automotive parts distributor Tokić began trading on the official market of the Zagreb Stock Exchange (ZSE) on Thursday after the company completed a fully subscribed initial public offering, the exchange said.

ZSE chief executive Ivana Gažić said the listing adds momentum to Croatia’s capital market, which has seen a spike in IPO activity this year and rising retail investor participation.

Tokić operates the region’s largest auto parts network through 123 locations in Croatia and Slovenia, offering more than 300,000 automotive and industrial products.

The company said proceeds will support a new logistics and distribution centre, possible acquisitions and further digitalisation.

The stock will trade under the symbol TOK and carries the ISIN code HRTOK0RA0001.

Tokić issued 1mn new shares during the offering, while bids were placed for an additional 154,217 existing shares. The process leaves current shareholders with a 71.7% stake. The final offer price was set at €20.20 per share, raising €23.3mn, according to the company and the exchange.

“We thank all investors, especially our employees, for their confidence,” chief executive Ivan Šantorić said at a listing ceremony. “The successful IPO confirms the strength of our business model and will accelerate investment.”

Founder Ilija Tokić said the company had grown from a family-owned retailer to a publicly listed regional group. “The responsibility is greater now, but so is the potential,” he said.

More than 1,700 retail investors took part in the offering, alongside qualified investors, and about 200 employees subscribed to shares. Retail buyers accounted for 37% of the offering, with more than 10% subscribed by employees.