Shares of Cris-Tim Family Holding (BVB: CFH) began trading on the Bucharest Stock Exchange on November 26 after an IPO worth RON 454.35 million (EUR 89.3 million) conducted last month.
Cris-Tim is now the largest entrepreneurial company in the food sector on the BVB Main Market. The funds raised from institutional and over 8,000 retail investors will be used in a proportion of over 87% to support Cris-Tim’s development and investment plans.
The money will be divided into two components, namely a capital increase amounting to RON 91.5mn and the repayment by the selling shareholder, Rangeglow Limited, to Cris-Tim Family Holding of RON 306 million, representing the settlement of intra-group loans granted by the company in recent years.
The company’s shares are traded on the BVB under the ticker symbol CFH, and its market capitalization at the offering price of RON 16.5/share is RON 1.33 billion (EUR 261.3 million). CrisTim Family Holding’s free float following the IPO stands at 34.48% of the share capital.
The company’s founding entrepreneurs, Radu and Cristina Timiș, continue to hold 65.49% of the shares through Rangeglow Limited. The European Bank for Reconstruction and Development (EBRD) and the NN Private Pension Fund have become shareholders of the company with stakes of 5.01% and 7.61%, respectively.
Additionally, other local institutional investors, including mandatory and voluntary pension funds as well as open-end investment funds, subscribed to the IPO.
“Cris-Tim Family Holding’s entry onto our market is a victory for a family-owned company and for the capital market, which welcomes Cris-Tim with open arms. Today, we are sending a clear message: the BVB is ready to play its role in financing the entire Romanian economy, not just the traditional players in energy and finance,” said Remus Vulpescu, CEO of the Bucharest Stock Exchange.
Radu Timiș Jr., CEO of Cris-Tim Family Holding, noted that the stock exchange listing has always been an aspiration. “Our new status as a publicly listed company on the Bucharest Stock Exchange’s Main Market brings a greater responsibility toward everyone who chooses our products every day, toward those who placed their trust in us by participating in the IPO, and toward our future shareholders who will join us as the company’s shares begin to trade,” he said.
During the IPO, the retail investors’ tranche registered a record oversubscription for an Initial Public Offering on the local capital market, namely 42 times. Cris-Tim Family Holding and Rangeglow Limited, the majority shareholder, decided to reallocate 5% of the shares available in the Offering from the institutional investors’ tranche to the retail tranche. After the reallocation, the retail tranche was oversubscribed 32 times.
(Photo source: press release)
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