RO developer One United seeks to raise EUR 95 mln with capital increase

Bucharest Stock Exchange (BVB)-listed real estate company One United Properties (BVB: ONE) is carrying out until July 26 the first stage of a capital increase operation expected to bring it RON 470 mln (EUR 95 mln) by the issue of 330 mln new shares at a price of RON 1.41 per share.

This is nearly twice as much compared to the company’s IPO last year.

The first stage of the capital increase is open to shareholders based on pre-emptive rights.

The second stage will be carried out afterwards in the form of a private placement.

The Initial Public Offering (IPO) in June-July 2021, through which ONE raised RON 260 mln from investors, was its fourth capital increase. The capitalization of ONE after the first trading session was RON 2.85 bln.

Currently, ONE’s market capitalization reached RON 3.67 bln.

During Stage 1 of the share capital increase, the maximum value of the subscription price for a new share shall be RON 1.42 (the “Maximum Subscription Price”), compared to RON 1.308 on July 4. The final subscription price for a new share subscribed during Stage 1 shall be published after Stage 2, the Private Placement is closed (the “Final Subscription Price”).

In case the Final Subscription Price in Stage 1 is set as lower than the Maximum Subscription Price, then the company will return to the investors the difference between the maximum price and the final price.

The period and the conditions under which Stage 2 of the share capital increase will be carried out will form the object of a separate decision of the board of directors and is expected to be finalized by November 2022 the latest.

(Photo courtesy of the company)