Isle of Man fund buys into winemaker on Bucharest stock market

Investment fund Fiera Capital, registered in the Isle of Man, bought a 7.94% stake in wine producer Purcari, which started trading on the Bucharest Stock Exchange (BVB) on Thursday. The firm, which bought 1.5 million shares, is an investment manager for several other funds which took part in the Purcari Initial Public Offering (IPO). Franklin Templeton Investment Management, one of the biggest investors on the Bucharest Stock Exchange, also bought a 5.2% stake in Purcari. The wine producer’s main shareholder, Lorimer Ventures Limited, controlled by US group Horizon Capital, reduced its stake in the company from 63% to 22.7% after the BVB listing. The International Financial Corporation IFC also owns 6.41% in the wine maker. Purcari’s shares, which are trading on the Bucharest Stock Exchange under the ticker WINE, ended the first day of trading at a price of RON 19.75, up by 4% compared to the IPO price. The company thus reached a capitalization of EUR 85 million. Purcari posted some EUR 23.5 million in turnover in 2016 at the year’s average exchange rate, up 50% year-on-year. It reached some EUR 20.6 million in sales in the first nine months of 2017. Moldovan winemaker Purcari successfully closes IPO on Bucharest Stock Exchange editor@romania-insider.com