DIY retailer MAM Bricolaj floats its shares on Bucharest Stock Exchange

The shares of Romanian do-it-yourself retailer MAM Bricolaj will be admitted to trading on the AeRO market of the Bucharest Stock Exchange (BVB) on Thursday, January 21.

The shares will trade under the ticker MAM.

"My expectations are growing, and the interest should continue to increase because there are still many investors who did not manage to subscribe [in the company's private placement of shares]. I hope that this interest will manifest now in January-February and the following years," said Cristian Gavan, CEO and shareholder of MAM Bricolaj, in an interview with Ziarul Financiar.

In September 2020, local brokerage firm Tradeville closed in advance the company's private placement of shares at the maximum offer price, after just three minutes.

Through this offer, the company attracted RON 8.5 million (nearly EUR 2 mln) for investments.

"Investors knew from the beginning, from the listing memorandum, that they would not receive dividends in the first two years and that all the money will go into development so that we can cover a wider market. Obviously, during the growth stage, when we are investing, the profit will be small, but the business will surely increase," said the MAM Bricolaj owner.

The company currently operates two stores in Bucharest and will open a new one in the first part of this year, with a EUR 1.6 mln investment.

The company will also start the national expansion with the first store planned in Brasov.

In 2020, MAM Bricolaj estimated a turnover of RON 38.5 mln (EUR 7,9 mln).

(Photo: Diana Oros/ Inquam Photos)