Romanian construction materials producer AdePlast aims to raise between EUR 13 million and EUR 15 million from its Initial Public Offering (IPO) in October.

The funds will be used to finance new investments and to develop the company’s business.

It will be the first IPO carried out by a privately-owned company in Romania in the last five years and will take place between October 2 and October 15, 2013.

Intercapital Invest and Banca Comerciala Romana (BCR) will be managing the IPO.

A statement of the company explains:

“The shares may be purchased by any person or company who meets the terms of the offer’s prospect, through the BCR network, through Intercapital Invest and through any intermediary authorized by the Bucharest Stock Exchange (BVB)."

AdePlast plans to sell a total of 16.5 million shares, namely 33.3 percent of its increased share capital.

Established in 1996, AdePlast, owned by Romanian businessman Marcel Barbut, operates nine factories for dry mortar, polystyrene and paints located on three industrial sites in Oradea, Ploiesti and Roman.

In 2012, the company recorded a net profit of EUR 3.6 million, while its revenues increased by 29 percent year-on-year.

Irina Popescu, irina.popescu@romania-insider.com