Tour operator Christian Tour  (BVB: TRIP) will be listed on the Bucharest Stock Exchange (BVB) on Monday, June 22, after an Initial Public Offering (IPO) of shares that raised RON 149 million (EUR 30 million), Profit.ro reported. It will thus become the first and only tour operator in Romania whose shares are traded on the BVB.

Between May 21 and 28, the company conducted an Initial Public Offering (IPO) for the sale of shares, attracting the amount of RON 149 million, after exercising the overallotment option.

The company will effectively collect about RON 121.8 million from the capital increase, money that it will direct towards expansion, digitalization, and acquisitions in a still very fragmented tourism market. 

The IPO was subscribed at a rate of 121%, with both retail and institutional investors participating above the level of the available offer. However, the final price of the offer was set at RON 1,895/share, very close to the lower limit of the price range announced in the prospectus, of RON 1,875–2,135/share.

At the final offer price, Christian Tour is valued at approximately RON 410 million (EUR 80 million), below the maximum level estimated in the prospectus, where the company could reach a capitalization of up to RON 468 million if the shares had been sold at the maximum of the range.

The estimated free-float after the listing will be around 37.4%, below the level of around 41.85% initially indicated in the prospectus. 
Control will remain firmly with founder Cristian Pandel, through the CPM Cambridge Holding vehicle.

The offering included 65.9 million new shares issued by the company, 13.3 million existing shares sold by the majority shareholder, and 1.4 million shares allocated through the over-allotment mechanism, used to support liquidity after the stock market debut.

iulian@romania-insider.com

(Photo source: Vlad Ispas/Dreamstime.com)