Romanian independent petroleum products distribution firm JT Grup Oil, controlled and managed by local entrepreneur Jean Paul Tucan, confirmed the initial public offering of 10 million new shares with a face value of RON 1 to both retail and institutional investors as per the decision approved by the company’s shareholders.

The new shares would account for 28.5% of the total number of shares after the IPO, according to comments previously made by Jean Paul Tucan.

The company also announced that it already received the permit to list its shares at the Bucharest Stock Exchange (BVB) on the alternative market AeRO.

The company’s CEO, Jean-Paul Tucan, estimated in a recent interview given to Ziarul Financiar that the company’s (market) capitalization would be higher by EUR 12 million-14 million compared to current (book) capitalization. Given the current (book) capitalization of some EUR 5 million, it means that the market capitalization is expected at EUR 17 million-19 million, or the equivalent of RON 2.4-2.7 per share. 

In 2023, JT Grup Oil reported a turnover of RON 224.4 million (EUR 45 million) and a net profit of RON 5.7 million (EUR 1.1 million).

iulian@romania-insider.com

(Photo source: the company)