International investment funds managed by Charlemagne Capital and Romanian pension funds managed by Allianz-Tiriac Pensii Private bought the most shares in the initial public offering (IPO) carried out by local private healthcare operator MedLife on the Bucharest Stock Exchange between December 6 and December 15.

Charlemagne Capital Limited bought 1.45 million shares worth some EUR 8.4 million for several funds it manages. The fund manager thus became MedLife’s biggest minority shareholder, holding 7.2% of the company’s shares, according to a notification sent to the Bucharest Stock Exchange.

Allianz-Tiriac Pensii Private, which manages the second-biggest private pension fund in Romania, AZT Viitorul Tau, also bought 1.066 million MedLife shares, representing 5.3% of the company’s capital. The fund paid EUR 6.15 million for the shares.

Private equity fund Value4Capital and the International Finance Corporation (IFC) sold 44% of MedLife via IPO for EUR 50 million. The company was valued at EUR 116 million.

The Romanian Marcu family control 51% of MedLife’s shares and IFC holds another 5% stake.

The MedLife shares started trading on the Bucharest Stock Exchange on Thursday, December 21, with the ticker M. The shares closed the first day of trading at RON 26.6, 2.3% over the IPO price of RON 26.

On Thursday, December 22, the shares were trading at RON 26.8 and the company was valued at EUR 118 million.

editor@romania-insider.com