Romanian engineering firm Simtel, a start-up founded by three local engineers with a common entrepreneurial past in the telecom services area, started trading at Bucharest Stock Exchange (BVB) some 80% above the price in the private placement carried out in May, Profit.ro reported.

The market capitalization thus exceeded RON 160 mln (EUR 32 mln). Under the private placement of new shares in May, a 15% stake was purchased by the investors.

Immediately after, at the same price per share, Paval Holding purchased a 5% stake from the three founders, who share the remaining 80% stakes in equal shares.

Iulian Nedea (general manager), Sergiu Bazarciuc (operations director), and Radu Vilău (technical director) are the three founding members.

Simtel specialises in technologies for renewable energy applications, such as installing PV panels for Altex and Dedeman store chains.

The company reached a turnover of RON 42 mln, an EBITDA of RON 5.8 mln, and a net profit of RON 4 mln (over EUR 0.8 mln) in 2020. 

(Photo: Diana Oros/ Inquam Photos)

andrei@romania-insider.com