(Bloomberg) -- Bakery firm Europastry SA announced plans for an initial public offering on Spanish stock exchanges, the latest in a reviving European market after two years of muted activity.

The offering will consist of new shares to raise €225 million ($241 million) and shares sold by existing stakeholders, the company said in a statement Tuesday. Europastry plans to list shares at the Barcelona, Madrid, Bilbao and Valencia stock exchanges, it said. 

The company said the expected post-IPO free float will be at least 25%. Bloomberg News earlier reported that the IPO could raise €500 million.

The company’s listing would follow Spanish beauty and fragrance group Puig Brands SA’s debut last month in what was Madrid’s first sizable listing since 2021. Puig, which raised €2.6 billion in its IPO, has gained about 8% since going public, giving it a market value of about €15 billion.

The share sale is another example of a reawakening in European IPO activity this year, with companies raising $13.3 billion to date, more than double the amount over the same period in 2023. Companies that shelved listings last year are being enticed back by stock markets at record highs and the start of monetary easing by the European Central Bank.

Europastry sells frozen bakery dough in 80 countries through 26 factories, according to its website. Founded in 1987 in Barcelona, it had revenues of €1.35 billion in 2023. MCH Private Equity owns about 21% of the company, while the founding Galles-family owns 76%.

JPMorgan Chase & Co., UBS Group AG and ING Groep NV are joint global coordinators for the IPO.

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