Romanian group Transport Trade Services (TTS), the biggest freight transporter on the Danube, prepares to launch an initial public offering (IPO) on the Bucharest Stock Exchange (BVB).

The value of the transaction is estimated at EUR 50-60 mln, making it the biggest listing on BVB since the spring of 2017 when Digi Communications raised EUR 207 mln in an IPO.

The TTS IPO would thus allow local private pension funds to diversify their portfolios as big listings have been missing from the BVB in the last two years.

Local brokerage firm Swiss Capital manages the IPO, which could take place in May 2021.

TTS targets a valuation of about EUR 100 million, according to Ziarul Financiar.

The group recorded consolidated revenues of RON 551 mln (EUR 113 mln) and a net profit of EUR 11 mln in 2019, according to data on the company’s website. The group’s majority shareholder is Romanian investor Mircea Mihailescu.

andrei@romania-insider.com

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