Christian Tour, one of the leading tourism operators in Romania, announced the successful closing of its initial public offering, carried out between 21 and 28 May 2026, at a final price of RON 1.895 per share, raising roughly RON 149 million, of which RON 121.8 million were gross proceeds to the company through the share capital increase component.

The offering generated strong investor demand, with the overall subscription level reaching 121%. No shares were reallocated between the retail and institutional tranches during the allocation process. 

Due to the high level of interest from investors, however, the overallotment option was exercised, allowing additional shares to be allocated within the transaction to support liquidity following the company’s listing on the Bucharest Stock Exchange. A total of 80,6 million shares were placed in the offering, comprising 65,9 million newly issued shares, 13,2 million existing shares offered for sale by CPM Cambridge Holding S.R.L., the investment vehicle wholly owned by Cristian Pandel, founder of Christian Tour, as well as 1,4 million existing shares allocated under the overallotment option.

The IPO also led to an anticipated market capitalization of approximately RON 410 million. Expected free-float upon listing will be approximately 37.4% of the company’s share capital. 

“We believe that Romania’s tourism market is entering a new phase of growth, professionalization, and consolidation, and Christian Tour will play a leading role in shaping this transformation. We are no longer just a traditional tour operator; we are building an integrated regional travel platform with strong digital capabilities, diversified distribution, and the market position required to drive consolidation in an extremely fragmented market,” said Cristian Pandel, founder and CEO of Christian Tour.

The funds raised through the IPO will support Christian Tour’s strategic development priorities focused on three key pillars: consolidation and M&A, digital transformation, and brand, distribution, and operational efficiency. The company intends to strengthen its regional presence and consolidate its position in the tourism market through selective acquisitions of complementary players, expansion into new travel segments, and the integration of operational and technological capabilities.

The company is also working on the launch of an AI-enabled trip builder application with multiple integrations and real-time interactions, the first of its kind in Romania. The project is primarily aimed at Gen Z travelers. 

Following the successful completion of the offering, Christian Tour will proceed with all procedural steps required for the admission to trading of its shares on the Regulated Market administered by the Bucharest Stock Exchange, including the registration of the share capital increase. Trading is expected to commence on or around 22 June 2026 under the ticker symbol TRIP.

In 2025, Christian Tour generated booking sales of approximately RON 983 million, up by approximately 14% compared with 2024 and by almost 41% compared with 2023. Revenue from contracts with customers, recognized under IFRS, reached RON 803 million in 2025, while EBITDA amounted to approximately RON 45.1 million, and net profit reached approximately RON 31.9 million.

radu@romania-insider.com

(Photo source: press release)