Romanian IT group Bittnet's shares added to FTSE Russel indices
The shares of Romanian IT group Bittnet Systems (BNET) will enter the FTSE Global Micro Cap and FTSE Total-Cap indices as of March. Thus, Romania will have four companies in the FTSE Russell indices: Bittnet Systems and TeraPlast (TRP) in the FTSE Global Micro Cap and FTSE Total-Cap indices, and Banca Transilvania (TLV) and Nuclearelectrica (SNN) shares in the Emerging Markets indices.
"FTSE Russell's announcement is very important news for the whole capital market and even more so for all those that chose to invest in Bittnet shares. Romania's upgrade to Secondary Emerging Market Status has benefits not only for companies that enter the indices for Emerging Markets but also for other companies that, once included in the indices for microcaps, enter the radars of new international investors that follow these indices," said Radu Hanga, Chairman of the Bucharest Stock Exchange.
"The announcement of FTSE Russell to include Bittnet shares in its global indices is very satisfying because it is yet another confirmation that entrepreneurial companies, even when easily labeled as «small,» can bring significant liquidity to the market," added Cristian Logofatu, Bittnet Systems Cofounder.
Bittnet Systems is the first Romanian IT company listed on the Bucharest Stock Exchange. The company initially floated its shares on the AeRO market in April 2015. Since then, the company has carried out 12 capital increases through which it drew money from investors to finance its development and the acquisition of other businesses in the IT services sector. In May 2020, Bittnet's shares transferred to the main market of the Bucharest Stock Exchange.
Bittnet currently has a market capitalization of RON 160 mln (EUR 32.8 mln), and the transactions with its shares in the last 12 months amounted to RON 62 mln (EUR 12.7 mln). In the last year, Bittnet's shares have gained 14%.
"Bittnet becomes a benchmark story for the Bucharest Stock Exchange because, in its six years of presence on the capital market, it has used to the maximum the market mechanisms to attract financing, to increase visibility, but, especially, to expand. Bittnet's path from the listing back in 2015 to the present demonstrates the efficiency of listing and financing through the capital market for the development of companies in a sustainable way, and the fact that investors «recognize» such a path by evaluating the company on the stock exchange and the inclusion in FTSE Russell indices come as a natural consequence of all this," stated Adrian Tanase, BVB CEO.
(Photo source: Bucharest Stock Exchange)