Biggest warehouse owner in Romania valued at EUR 5.6 bln upon Amsterdam listing

CTP, the biggest logistics parks owner in Romania, was valued at EUR 5.6 billion following the pricing of its initial public offering (IPO) on Euronext Amsterdam. The group set a price of EUR 14 per share for the IPO, which is closer to the bottom of the EUR 13.5-16 range targeted for this transaction.

CTP sold 61 million new shares in the IPO, representing 15.4 % of its total number of shares, for EUR 854 million. The IPO also has an Over-Allotment Option that allows CTP’s majority shareholder to sell up to 9.15 million shares at the same price (EUR 14 per share, or EUR 128 mln in total).

“The Offer was oversubscribed multiple times at the Offer Price with strong demand from institutional investors globally, including a significant proportion of high-quality long-only accounts who were attracted by the very strong prospects of the business,” CTP said in a press release.

CTP is the biggest logistics space owner in Central and Eastern Europe (CEE), with a portfolio worth EUR 5.87 bln at the end of 2020. More than half of this portfolio is located in the Czech Republic, while Romania is the company’s second-biggest market. CTP’s portfolio in Romania was valued at EUR 976 mln at the end of 2020, according to the IPO prospectus.

CTP plans to use more than half of the money raised in the IPO to finance the development of new projects, about a quarter for new acquisitions, and the rest to repay some of its debts. The group also plans to use about EUR 250 mln of the IPO proceeds for new investments in Romania, according to its CEO and majority shareholder Remon Vos.

(Photo source: CTP)