engleski

An introduction to the capital market of a leading petrochemical company in Croatia: case study

This paper analyzes the case of the introduction to the capital market of state-owned shares in Croatia and the results of a survey on the perceptions of the company that was privatized held by potential small investors. In the second half of 2006, the government of Croatia announced that it would sell 15% of the shares of the leading regional petroleum company, INA Oil Industry (INA), to small investors, primarily to Croatian citizens with some pre-emptive rights and under special conditions. This process of introduction to the capital market of INA shares is briefly presented as a case study. In addition, to capture at least some of the sentiment of potential investors, the authors performed a survey on the perceptions held by potential small investors of various attributes of INA, and also of various other elements associated with the privatization of INA that could have influenced their decisions. It must be noted that the privatization of INA began in 2002 when another regional petroleum company, MOL (based in Hungary), purchased 25% plus one share of INA. The introduction process of INA shares occurred in 2006 and in this paper will be referred to as the introduction to the capital market of INA shares.

Introduction to the capital market; state-owned shares; INA

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