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Andrei Chirileasa
Editor-in-Chief

Andrei studied finance at the Bucharest Academy of Economic Studies and started his journalism career in 2004 with Ziarul Financiar, the leading financial newspaper in Romania, where he worked for ten years, the last six of which as editor of the capital markets section. He joined the Romania-Insider.com team in 2014 as editor and became Editor-in-Chief in 2016. He currently oversees the daily content published on Romania-Insider.com and likes to stay up to date with everything relevant in business, politics, and life in Romania. Andrei lives with his family in the countryside in Northern Romania, where he built their own house. In his free time, he studies horticulture and tends to his family’s garden. He enjoys foraging in the woods and long walks on the hills and valleys around his village. Email him for story ideas and interviews at andrei@romania-insider.com. 

 

The Capital Markets News section is sponsored by the Bucharest Stock Exchange 

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Romanian naval transport group TTS completes EUR 58.5 mln IPO on BVB

Romanian naval transport company completed Transport Trade Services (TTS) the 50% IPO at Bucharest Stock Exchange at a price of RON 19.2 per share versus a RON 19-21 range envisaged by allocating more shares than planned to individual investors (20% compared to 15%), Ziarul Financiar reported.

"We are looking forward to the listing on the Bucharest Stock Exchange and the next steps with confidence," says Petru Stefanut, General Manager of TTS Grup.

The IPO valued the company at RON 576 mln (EUR 117 mln), and the investors paid a total of RON 288 mln (EUR 58.5 mln) for the 50% stake.

The individual investors initially oversubscribed 27 times their 15% stake, but the pro-rata distribution rate decreased to 14 after the IPO manager, and the company's shareholders decided to increase the slice allocated to small investors.

All the 14 shareholders of the company sold part of their shares in the IPO. The group's majority shareholder is local businessman Mircea Mihailescu, who owned a 50.4% stake before the IPO.

Notably, the third-biggest shareholder is former finance minister Viorel Stefan, who held a 10.1% stake before the IPO.

TTS group recorded last year consolidated revenues of RON 520 mln (EUR 107 mln), down 5.7% compared to 2019, while its net profit was RON 48 mln (almost EUR 10 mln), down 9.4% YoY.

(Photo: Liang Zhao/ Dreamstime)

andrei@romania-insider.com

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Profile picture for user andreich
Andrei Chirileasa
Editor-in-Chief

Andrei studied finance at the Bucharest Academy of Economic Studies and started his journalism career in 2004 with Ziarul Financiar, the leading financial newspaper in Romania, where he worked for ten years, the last six of which as editor of the capital markets section. He joined the Romania-Insider.com team in 2014 as editor and became Editor-in-Chief in 2016. He currently oversees the daily content published on Romania-Insider.com and likes to stay up to date with everything relevant in business, politics, and life in Romania. Andrei lives with his family in the countryside in Northern Romania, where he built their own house. In his free time, he studies horticulture and tends to his family’s garden. He enjoys foraging in the woods and long walks on the hills and valleys around his village. Email him for story ideas and interviews at andrei@romania-insider.com. 

 

The Capital Markets News section is sponsored by the Bucharest Stock Exchange 

BVB
 

Romanian naval transport group TTS completes EUR 58.5 mln IPO on BVB

Romanian naval transport company completed Transport Trade Services (TTS) the 50% IPO at Bucharest Stock Exchange at a price of RON 19.2 per share versus a RON 19-21 range envisaged by allocating more shares than planned to individual investors (20% compared to 15%), Ziarul Financiar reported.

"We are looking forward to the listing on the Bucharest Stock Exchange and the next steps with confidence," says Petru Stefanut, General Manager of TTS Grup.

The IPO valued the company at RON 576 mln (EUR 117 mln), and the investors paid a total of RON 288 mln (EUR 58.5 mln) for the 50% stake.

The individual investors initially oversubscribed 27 times their 15% stake, but the pro-rata distribution rate decreased to 14 after the IPO manager, and the company's shareholders decided to increase the slice allocated to small investors.

All the 14 shareholders of the company sold part of their shares in the IPO. The group's majority shareholder is local businessman Mircea Mihailescu, who owned a 50.4% stake before the IPO.

Notably, the third-biggest shareholder is former finance minister Viorel Stefan, who held a 10.1% stake before the IPO.

TTS group recorded last year consolidated revenues of RON 520 mln (EUR 107 mln), down 5.7% compared to 2019, while its net profit was RON 48 mln (almost EUR 10 mln), down 9.4% YoY.

(Photo: Liang Zhao/ Dreamstime)

andrei@romania-insider.com

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