Romanian real estate developer One United Properties has raised €52.8 million from its Initial Public Offering (IPO) on the Bucharest Stock Exchange (BVB) and reached a capitalization of €580 million.
The company concluded on Friday its sale of shares as part of a capital increase. The final offer price was set at RON 2.00 per share and the IPO was oversubscribed in both tranches for institutional and retail investors.
The developer said it reallocated 3 percent of the total offer from retail to institutional investors due to high demand. “After reallocation, the tranche reserved for retail investors with pro-rata allocation was oversubscribed 9.2 times and the institutional investors subscribed 63% of the total offering. The retail investors participated with 3,207 purchase orders,” said the company in a statement.
One United Properties will request the BVB to admit its shares for trading under the ONE sign. “After the listing, our goal will be to deliver results, but also to be a liquid issuer and to remain open to new investors as well,” said Victor Căpitanu, One United Properties Co-founder.
The intermediary of the IPO was BRK Financial Group, while Swiss Capital was part of the distribution group. Law firm Filip & Company assisted the developer. Based on its market capitalization, One United Properties becomes the third-largest Romanian entrepreneurial company listed on the BVB.
Prior to the IPO, Victor Căpitanu and Andrei Diaconescu jointly held a controlling stake of 75 percent in One United Properties as Co-founders