Capital markets ‘sandbox’ launched to prepare firms for IPOs
ZAGREB, 31 March (Hina) – Croatia has launched an educational “sandbox” programme to help companies prepare for raising funds on capital markets, offering free access to experts from more than 35 institutions, including banks and law firms.
The PutNaTržište scheme allows businesses to test their readiness for financing options ranging from bond issuance to initial public offerings in a confidential environment, officials said at the launch on Monday, adding it is the first initiative of its kind in the country.
Finance Minister Tomislav Ćorić and Ante Žigman, head of regulator Croatian Financial Services Supervisory Agency (HANFA), signed a partnership agreement alongside 34 other participants, including financial institutions and industry bodies such as the Zagreb Stock Exchange.
The programme offers companies a diagnostic assessment of their market readiness, including investor-focused analysis, guidance on financing instruments and insight into regulatory requirements and issuer obligations.
A pilot phase is due to start in September, with applications submitted via HANFA’s website.
Ćorić said the initiative could help spur a new generation of issuers on Croatia’s capital market, adding that improving liquidity and a growing number of domestic investors point to strengthening conditions.
He noted that retail bond and treasury bill issues launched since 2023 had made capital markets more accessible to citizens, while further initiatives, including investment accounts and an IPO-focused fund, are also planned.
Žigman said the aim was to provide companies with a “clear and structured path” to capital, adding that while financing opportunities exist, firms often lack the guidance needed to access them.
Zagreb Stock Exchange CEO Ivana Gažić said she expected a solid year for IPOs, rejecting the view that smaller offerings of 5–10 million euros are unattractive, and pointing to investor interest in sectors such as technology, artificial intelligence and video games.
Business and banking representatives said the programme could also serve as an alternative to bank financing and help raise financial literacy, while noting that listing on the stock exchange brings higher standards of transparency and corporate governance.
