JT Grup to float its shares at Bucharest Stock Exchange after EUR 4mn IPO

Fuel distributor and port operator JT Grup Oil, which is building a EUR 25mn terminal for petroleum products in the port of Constanta, will list its shares on the Multilateral Trading System - AeRO market - of the Bucharest Stock Exchange on August 6, according to a press release.

The company is controlled by local entrepreneur Jean Tucan.

On June 11, JT Grup Oil announced that only a third of the 10mn shares issued under its IPO found buyers but saluted the operation's completion and confirmed that its shares would be traded at Bucharest Exchange starting from the end of June.

The EUR 4mn raised with the IPO out of the EUR 12mn target is still close to the EUR 5mn funds needed for the completion of the EUR 25mn petroleum products terminal (the rest of the money is either borrowed or received as a grant).

In exchange for the EUR 4mn, the new shareholders will get a 12.7% share of the business estimated before the IPO at EUR 37.1mn – corresponding to a price of RON7.38 per share and a stock of 25mn shares.

JT Grup Oil announced in March 2024 that it completed the first phase of the EUR 25mn JT Terminal project, which is going to become the only privately owned oil terminal in Romania.

(Photo: the company)