Contakt, active in the retail of mobile phone accessories and the provision of related services through a national network of 235 outlets mostly located in shopping malls, has submitted to the Financial Supervisory Authority (ASF) the prospectus for listing on the AeRO market of the Bucharest Stock Exchange, according to Economedia.ro.
Contakt Express Logistik aims to list in November and is awaiting ASF approval to proceed with the initial public offering (IPO). The broker for the operation is Goldring, and the listing consultant is Cabat & Pah Investments.
The symbol under which the company will trade is CTK.
Following the public offering, at least 10% of the company’s share capital will be available to investors, with the management’s objective being to gradually increase the free-float to a threshold of 30%-40% to finance the internationalisation strategy, support share liquidity, and prepare for the transfer to the regulated market.
The company’s fully subscribed and paid-in share capital at this moment is RON 3.6 million, divided into 36 million shares. The share capital will be increased by RON 60,000, to RON 3.66 million, by issuing 600,000 new shares.
In total, 3.66 million shares (10%) will be offered for sale in the public offering, of which 600,000 are newly issued shares (to attract funds into the company), and 3.06 million are existing shares (through which existing shareholders reduce their holdings). Upon full subscription, the free-float will be approximately 10%.
According to Economedia.ro’s market sources, Contakt’s offer will amount to EUR 3 million (RON 15 million), of which EUR 492,000 actually goes to the company (capital increase), while EUR 2.5 million goes to existing shareholders (sale of shares)
Economedia.ro’s calculations also show that the company will come to the AeRO market of the Bucharest Stock Exchange at an anticipated capitalisation of EUR 30 million.
Contakt will use the money obtained from investors for expansion into other markets, strategic acquisitions, diversification of business lines, and research and development for the development of its own brands.
iulian@romania-insider.com
(Photo source: Anton Petrychenko/Dreamstime.com)
Leave a Reply