RO phone maker raises EUR 1.4 mln to expand in Hungary and Bulgaria

iHunt Technology, a Romanian company that manufactures mobile phones in China under its own brand, has raised RON 7 million (EUR 1.4 mln) through a bond issue on the Bucharest Stock Exchange (BVB).

The company will use the money to increase production amid strong demand and expand to Hungary and Bulgaria.

The bond issue was oversubscribed, as the investors placed orders for RON 10.15 mln, according to local brokerage firm Tradeville, the intermediary of the offer.

iHunt Technology is listed on the AeRO market of the Bucharest Stock Exchange, and its bonds will also trade on the BVB.

"We are successfully closing our first iHunt bond issue, which was oversubscribed on the first day. The success of the bond issue reflects investors' confidence in iHunt's profitable and sustainable growth strategy. Investor confidence honors us, but at the same time forces us to perform and develop the iHunt brand," said Cezar Catalin Stroe, iHunt's CEO and majority shareholder.

The 70,000 iHunt bonds, with a nominal value of RON 100, offer a coupon of 8.75% per year. In the first half of this year, the company's turnover rose by 52% to RON 14.73 mln (EUR 3.03 mln). The net profit was RON 1.88 mln (EUR 387,000).

(Photo: Diana Oros/ Inquam Photos)