Electromontaj, the Romanian construction company that won the contract to renovate the Vidraru dam, is preparing for an initial public offering (IPO) on the Bucharest Stock Exchange (BVB), Ziarul Financiar reported. The offering, expected to raise RON 77 million and give the company a market valuation of about RON 700 million (EUR 140 million), will be carried out by Grup EM, Electromontaj’s majority shareholder.
According to the IPO prospectus, the offer will be brokered by TradeVille and will run from October 3 until October 16, 2025. Electromontaj aims to list on the AeRO secondary market segment, with a free float of 10%.
“With a net turnover that has increased significantly in recent years, reaching over RON 1 billion in 2024, we demonstrate a solid growth trajectory in a strategic sector undergoing global expansion. This offer gives investors the chance to become part of a Romanian group that, for over 75 years, has been delivering energy projects on four continents, from traditional infrastructure to green energy,” said Ionuţ Tănăsoaica, Chief Executive Officer of Grup EM SA.
Funds raised through the IPO will be used to increase the company’s share capital by up to RON 36 million, support working capital for expanding the project portfolio, and finance acquisitions and developments in energy production, distribution, storage services, and energy systems.
The prospectus, approved by Romania’s Financial Supervisory Authority (ASF), notes that the offering does not have a firm subscription commitment, making investor demand decisive for the IPO’s success.
Electromontaj is part of EM SA Group, controlled indirectly by businessman Gheorghe Bîlteanu through Albertha Enterprises Limited (60%) and Stinteo Limited (40%). The group is primarily a holding company but maintains significant exposure in energy and specialised construction.
iulian@romania-insider.com
(Photo source: Andranik Hakobyan/Dreamstime.com)
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