Purcari Wineries starts EUR 59 mln IPO on Bucharest Stock Exchange

Purcari Wineries, one of the biggest wine producers in the Republic of Moldova, starts its initial public offering (IPO) on the Bucharest Stock Exchange today. The company’s shareholders will put up for sale 9.8 million shares representing 49% of its capital. The price interval is RON 19 to RON 28 per share, which means that the Purcari shareholders will get between EUR 40 million and EUR 59 million from this transaction, and the company’s value is estimated at EUR 81 million to EUR 120 million. The main shareholders are US investment fund Horizon Capital, Moldovan investor Victor Bostan, and the International Finance Corporation (IFC). Some 90% of the shares on sale will be allotted to institutional investors and 10% will be offered to individual investors. The offer is managed by Raiffeisen Bank and Swiss Capital and will end on February 8. Purcari Wineries owns over 1,000 hectares of vines and four wineries in Romania and Moldova, namely Purcari Bostavan, Ceptura, and Bardar. Its main markets are Romania, Moldova, and Poland. The company had sales of some EUR 20.7 million and a net profit of EUR 4.8 million in the first nine months of 2017. Moldovan wine maker prepares Bucharest listing editor@romania-insider.com (photo source: Purcari Wines on Facebook)