Cris-Tim, the leader in the Romanian cold cuts and ready meal markets, announced on October 15 that it has received approval from the Financial Supervisory Authority to list its shares on the Bucharest Stock Exchange (BVB). The offering is taking place between October 17 and 29.
The initial public offering consists of the sale of a maximum of 20,866,667 existing shares by Rangeglow Limited, controlled by the founding entrepreneurs, Radu and Cristina Timiș, as well as a subscription offer of up to 6,200,000 newly issued ordinary shares.
The shares are offered at a price range of RON 16.5 per share and RON 17.5 per share, and the estimated free float of the company on the BVB, after the closing of the offering and listing, is a maximum of 35%.
The offering is divided into two tranches, one intended for retail investors in Romania and one for institutional investors outside the United States of America. The final size of each tranche will be determined based on the level of subscriptions received from investors, after the end of the offering period.
The retail investor tranche represents 15% of the offering, up to 4,060,000 shares. Retail investors can subscribe for shares at the fixed price of RON 17.5 per share, the upper limit of the offering price range, and are entitled to a 5% discount on the final offering price for subscriptions during the first 4 working days of the offering. The minimum subscription for a retail investor is at least 300 shares.
Depending on the level of the final offering price, the reduced final offering price may be below the lower level of the offering price range.
The institutional investor tranche represents 85% of the offering, or 23,006,667 shares.
In the event of the successful closing of the initial public offering, Cris-Tim will apply for admission to trading of all issued shares on the Regulated Market of the Bucharest Stock Exchange, Premium category, under the stock ticker CFH.
The selling shareholder, Rangeglow Limited, will use part of the funds from the offering to repay loans granted by the company of EUR 57.3 million, equivalent to RON 290.8 million (including interest) accrued until August 31, 2025, plus any additional amounts within the limit of the EUR equivalent of RON 306 million.
Cris-Tim will also use the funds obtained from the offer to support its 2025-2030 investment plans, which amount to RON 890 million, of which RON 768 million is allocated to the cold cuts segment, and RON 121 million to the ready-meals segment.
Part of this investment plan is focused on developing existing production capacities, a program partially financed by the national program for revitalizing the agri-food industry, Investalim. The other part will concern mergers and acquisitions.
The investment program will be implemented between 2025 and 2028, with the financing agreement signed on October 8, 2024, by the Agency for Financing Rural Investments (“AFIR”).
Cris-Tim also intends to distribute a minimum of 50% of the annual individually distributable net profit as ordinary dividends.
“Our investment and development plans will allow us to reach a new level of performance in terms of production standards, efficiency, and quality. At the same time, we are targeting a series of products from competitors, both locally and regionally, to increase our commercial footprint and access new categories of products with added value, perfectly completing the existing portfolio,” said Radu Timiș Jr., CEO of Cris-Tim.
BCR and BRD – Groupe Société Générale S.A. are acting as Joint Lead Managers in connection with the offering.
Cris-Tim brands are present on the shelves of all 13 retail chains operating in Romania, as well as in over 15,000 traditional stores. The company also has 18 of its own stores and exports its products to 17 European countries, having over 2,000 employees.
(Photo source: Cristina Ionescu | Dreamstime.com)
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