RO smartphone producer iHunt raises EUR 1.8 mln with 4-year bond

Romanian smartphone producer iHunt, specialized in rugged phones, raised RON 8.62 million (EUR 1.8 mln), 23% more than planned, with a four-year bond issue.

The company set the coupon at 8.75% per year. The private placement was closed on the first day - well ahead of the deadline, amid rising interest from investors for tech and tech-related shares.

This was the second bond issue carried out by iHunt, after it raised RON 10.1 mln (over EUR 2 mln) in 3-year bonds with the same 8.75% coupon.

"We notice that both entrepreneurs and investors are becoming more and more interested in this source of financing […]. We now have the opportunity to capture this fantastic energy and use it to support the development of national champions," says Ovidiu-George Dumitrescu, Deputy General Manager of TradeVille, the brokerage firm that intermediated the bond issue.

iHunt's shares are listed on the Bucharest Stock Exchange's AeRO market, where their value increased sixfold in the last year and by 50% only in the last month.

The company currently has a market capitalization of RON 66.1 mln (EUR 13.6 mln), as of January 27.

(Photo: Pixabay)