Romania’s biggest naval transport group – Transport Trade Services (TTS) – will carry out an initial public offering (IPO) through which its current shareholders will sell shares worth up to RON 315 mln (EUR 64 mln).

The company has set a price range of RON 19-21 for its shares in the IPO. The offer will take place between May 24 and June 4 and will have two tranches: one for institutional investors and one for retail investors.

Local brokerage firm Swiss Capital will manage the IPO, with Tradeville and BRK Financial Group part of the distribution group.

The group's shareholders will sell half of their holdings, adding up to 15 million shares or 50% of the company's total equity. The targeted valuation for the whole company is thus RON 630 mln (EUR 128 mln), at the top of the IPO price range.

TTS group recorded consolidated revenues of RON 520 mln (EUR 107 mln), down 5.7% compared to 2019, while its net profit was RON 48 mln (almost EUR 10 mln), down 9.4% year-on-year.

The group's majority shareholder is local businessman Mircea Mihailescu, who owns a 50.4% stake. Notably, the third-biggest shareholder is former finance minister Viorel Stefan, who holds a 10.1% stake.

The IPO prospectus is available here.

editor@romania-insider.com