Romanian do-it-yourself retailer MAM Bricolaj, founded and controlled by local entrepreneur Cristian Gavan, recorded an increase of over 50% of its share price at its debut on the Bucharest Stock Exchange.

The company, which raised about EUR 1.7 mln from local investors through a private placement at the beginning of September 2020, reached a market capitalization of RON 51.8 mln (EUR 10.6 mln) after the first day of trading.

The share price climbed as high as RON 37 at the opening of the trading session and closed at RON 30.6, 53% above the price investors paid in the private placement in September (RON 20).

The initial offer, which was addressed to a limited number of investors, was closed in just half an hour, according to the intermediary – local brokerage firm Tradeville.

Thus, the investors who bought shares in September could mark profits of over 50%. However, most of them decided to keep the shares in their portfolios.

The transactions in the first day totaled close to 100,000 shares, less than a fourth of the shares sold by the company in September.

andrei@romania-insider.com

(Photo source: Inquam Photos/Diana Oros)