Romania’s largest online retailer aims to confirm unicorn status following IPO
eMag, the largest online retailer in Romania, controlled by South African group Naspers’ subsidiary Prosus, wants to list its shares on the Bucharest Stock Exchange (BVB) and on a foreign stock exchange as well, according to Bloomberg.
The idea of listing is not new, but it surfaced again after the online retailer posted a profit for the third year in a row and reported revenues in excess of EUR 1 billion in 2019, explained Iulian Stanciu, eMag’s CEO and minority shareholder, in Bucharest, quoted by Bloomberg.
“It is not about raising funds, but about recognizing value. (...) A company cannot become a unicorn without a market value,” Stanciu said.
Naspers valued the Romanian company that operates the eMag online retailer, Dante International, at USD 1 billion in a capital increase operation carried out at the end of 2019, according to Profit.ro.
Naspers indirectly holds an 80% stake in Dante International with the remaining 20% held by Iulian Stanciu. The South African group took control of eMag in 2012, when it paid USD 82 million for a majority stake in the company. At that time, eMag’s sales stood at about EUR 140 million.
(Photo source: the company)