Romanian naval transport company completed Transport Trade Services (TTS) the 50% IPO at Bucharest Stock Exchange at a price of RON 19.2 per share versus a RON 19-21 range envisaged by allocating more shares than planned to individual investors (20% compared to 15%), Ziarul Financiar reported.

"We are looking forward to the listing on the Bucharest Stock Exchange and the next steps with confidence," says Petru Stefanut, General Manager of TTS Grup.

The IPO valued the company at RON 576 mln (EUR 117 mln), and the investors paid a total of RON 288 mln (EUR 58.5 mln) for the 50% stake.

The individual investors initially oversubscribed 27 times their 15% stake, but the pro-rata distribution rate decreased to 14 after the IPO manager, and the company's shareholders decided to increase the slice allocated to small investors.

All the 14 shareholders of the company sold part of their shares in the IPO. The group's majority shareholder is local businessman Mircea Mihailescu, who owned a 50.4% stake before the IPO.

Notably, the third-biggest shareholder is former finance minister Viorel Stefan, who held a 10.1% stake before the IPO.

TTS group recorded last year 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% YoY.

(Photo: Liang Zhao/ Dreamstime)

andrei@romania-insider.com