Romanian smartphone producer iHunt plans IPO

iHunt, a Romanian mobile phone manufacturer, plans to list its shares on the Bucharest Stock Exchange by the end of the month. The company plans to sell between 10% and 25% of its shares in an initial public offering (IPO), Profit.ro reported.

New shares accounting for 10% of the company’s capital will be put up for sale, but more shares, up to 25% of the capital, might be issued depending on the demand seen during the book-building period. The company will use the money attracted to develop its electronic product range under the iHunt brand.

The main shareholder of the company is Romanian entrepreneur Cezar Catalin Stroe (99.5%). The company’s shares will be traded on the special AeRo section, where the listing requirements are looser than on the regulated market.

iHunt Technology Import Export Ploiesti was set up in 2015 and sells its products mainly online. The company manages the online store ihunt.ro. The company’s revenues were around RON 24 million (EUR 5.2 mln) over the past two years, while the profit decreased to just RON 0.5 mln in 2018, when the company invested in expansion on foreign markets planned for this year.

(Photo source: Facebook/IHunt)