Christian Tour, a major tourism brand and operator in the Romanian organized travel market, announced the launch of its initial public offering, which will take place between May 21 and 28. The company will list its shares on the Regulated Market of the Bucharest Stock Exchange under the stock ticker TRIP.

The price range for the offering has been set between RON 1.875 and RON 2.135 per share for up to 69,500,000 newly issued ordinary shares by the company, as part of a share capital increase, as well as the sale by CPM Cambridge Holding S.R.L., the investment vehicle of the founding shareholder, Cristian Pandel, of up to 14,000,000 existing ordinary shares. 

The offering is structured into a retail investor tranche and an institutional investor tranche, each initially representing 50% of the offered shares. Depending on investor demand, the company and the selling shareholder may reallocate up to 40% of the offered shares between the two tranches.

Retail investors may subscribe at the fixed price of RON 2.135 per share and benefit from a 5% discount from the final offering price for subscriptions submitted during the first three working days of the offering period, namely until May 25, 2026, inclusive. The minimum subscription size for retail investors is 1,500 shares.

Institutional investors outside the United States, pursuant to Regulation S under the Securities Act, may subscribe at any price within the offering price range. The final offering price, together with the final size of each tranche, will be determined following the close of the offering period and announced on the allocation date, May 29, 2026.

In case the offering is fully subscribed, and the overallotment option is fully exercised, Christian Tour’s free float at listing will be approximately 41.85% of the share capital. The company’s shares are expected to start trading on the Regulated Market of the Bucharest Stock Exchange under the ticker symbol TRIP in June 2026.

“The IPO on the Bucharest Stock Exchange marks an important new stage for Christian Tour. It will strengthen our ability to invest in technology, digital distribution, product development, and strategic expansion, while further consolidating our position in a structurally evolving industry. My ambition is for Christian Tour to become one of the companies defining the next stage of tourism development in Romania and across Central and Eastern Europe,” said Cristian Pandel, Founder and CEO of Christian Tour.

Looking ahead

Founded in 1997, Christian Tour has grown from an entrepreneurial travel agency into one of Romania’s leading integrated tourism platforms. The company operates primarily in outbound tourism and offers charter holidays, travel circuits, city breaks, themed experiences, and group travel services to destinations worldwide, while also promoting Romania as a destination for foreign visitors.

The capital raised through the share capital increase component of the offering will support Christian Tour’s long-term development strategy, with a focus on strategic expansion, technology, and operational scalability, according to the company.

Christian Tour intends to accelerate investments in digital infrastructure and the development of its OTA (Online Travel Agency) platform, while also strengthening operational capabilities, customer experience, and distribution channels. At the same time, Christian Tour aims to capitalize on consolidation opportunities in a fragmented and rapidly evolving tourism market, including through selective acquisitions and expansion into complementary travel segments and services.

Financial data

In 2025, the Company generated booking-date sales of approximately RON 983 million, representing growth of approximately 14% compared with 2024 and almost 41% compared with 2023. Booking-date sales represent the total value of tourism services sold during the year, regardless of when travel services are delivered. In 2025, the Packages segment represented the core activity of the Company, generating approximately RON 638 million in booking-date sales, accounting for approximately 65% of total sales. The Groups and Experiences segment generated approximately RON 187.7 million, representing approximately 19% of total sales, while Flights and Accommodation contributed approximately RON 127.9 million, or approximately 13% of total sales. Other activities accounted for the remaining approximately 3% of booking-date sales.

Revenues from contracts with customers, recognized under IFRS, based on when travel services are delivered and the Company’s role as principal or agent, reached RON 803 million in 2025, up by approximately 32% compared with 2024 and approximately 34% compared with 2023.

Profitability improved alongside business expansion. Gross margin increased to approximately RON 94.3 million in 2025 from approximately RON 71.0 million in 2024 and approximately RON 63.1 million in 2023. EBITDA reached approximately RON 45.1 million in 2025, compared with approximately RON 27.7 million in 2024 and approximately RON 34.1 million in 2023.

The company recorded a net profit of approximately RON 31.9 million in 2025, compared with approximately RON 26.2 million in 2024. As of March 31, 2026, Christian Tour maintained a strong financial position, with total cash and cash equivalents of approximately RON 29.8 million and net debt of approximately RON 8.8 million.

radu@romania-insider.com

(Photo source: press release)