Shares of tour operator Christian Tour began trading on the Bucharest Stock Exchange on Monday, June 22, making the company the first in the Romanian travel tourism sector to go public. 

Christian Tour carried out the Initial Public Offering between May 21 and 28 and gathered RON 149 million (EUR 28.4 million), with a final subscription rate of 121%, with both retail and institutional investors participating above the available offer level.

The company will actually receive around RON 121.8 million from the capital increase, money that it will direct toward expansion, digitalization, and acquisitions in a tourism market that is still highly fragmented. However, the final offer price was set at RON 1.895 per share, very close to the lower limit of the price range announced in the prospectus, of RON 1.875–2.135 per share.

Moreover, Christian Tour’s final valuation following the IPO stands at RON 410 million, below the maximum level estimated in the prospectus, according to Economedia. 

The company’s shares were listed under the symbol TRIP on the BVB Regulated Market. The estimated free float is around 37.4%, below the initially estimated 41.85%. Control of Christian Tour will remain firmly with founder Cristian Pandel, through the CPM Cambridge Holding vehicle.

Founded in 1997, Christian Tour has evolved from an entrepreneurial travel agency into one of the most important integrated tourism platforms in Romania. The total number of travelers served increased from approximately 297,000 in 2023 to approximately 353,000 in 2024 and nearly 369,000 in 2025, while the average revenue per booking increased from approximately EUR 1,282 in 2023 to EUR 1,439 in 2025.

Founder Cristian Pandel stated that the company’s listing comes at a favorable moment for tourism, despite the difficult economic context in Romania.

radu@romania-insider.com

(Photo source: Vlad Ispas|Dreamstime.com)