The National Securities Commission has approved the IPO of Alumil Rom Industry, a producer of aluminium profiles, which is the domestic branch of Alumil Greek group specialising in aluminium processing, with annual turnover of around €200 million. The group owns almost 70 percent of the Romanian branch, the rest of the shares are owned by the manager of the domestic branch, Michail Sotiriou.
The Romanian arm registred last year a turnover worth RON 79.3 mil (€ 22 mil) and income standing at RON 9.5 mil (€2.6 mil), up 50 percent against 2004. The primary initial public offering (IPO), worth €8.2 million, was approved by Alumil and will offer capital market investors 6.25 million new shares, accounting for 20 percent in the increased share capital, at a fixed price of 4.6 RON/share and will be unfold between 8 Dec and 18 Dec. The shares are intended to listed on the BSE in the first part of 2007.
Alumil offering will overlap with another offering for listing on the Bucharest Stock Exchange, by CCC Blue Telecom cable company and this is the first time two such initial offerings are simultaneously carried out on the Stock Exchange. Taking into consideration that this year only three IPO’s was launched, namely the two offerings launched at the end of this year and the offering by Transelectrica, which was listed in summer. As the information was released in the market there are no restriction on the subscription (first come, first serve), and the alocation will be pro-rata.