The listing offer, which underwent some changes in the last few days of 2021 in that it was extended by a few days and the minimum amount for successful completion was lowered from RON30 million to RON3 million, was brokered by Tradeville.
The offer was intended to increase the share capital by 7.7 million shares, thus ranging between RON40 million and RON44 million, depending on the price limits – RON5.18 and RON5.69. The company had a post-increase valuation of RON134 million and RON147 million based on the initial prospectus data.
By the end of the subscription period investors had subscribed 1.06 million shares, i.e., 859 orders at a price of RON5.18, i.e., the minimum price in the listing range. Following the closing of the IPO, the estimated capitalization of ABN is RON99 million.
“The Tellur brand will thus soon be listed on the stock exchange through the company that owns it, ABN Systems International”, says George Barbu, CEO of ABN Systems International.
In 2020 the company posted RON94 million revenue and RON5.7 million net profit. For 2021 ABN estimates a net profit of RON9.5 million. Net profit in the first half of 2021 stood at RON2.4 million.
“ABN Systems International plans to step up expansion of its external sales channels, both by accessing new markets (India, Turkey, the Middle East and former USSR states starting 2022) and by consolidating the current ones,” says Ovidiu Dumitrescu, Tradeville’s Deputy CEO.
Prior to the closing of the IPO, the three shareholders of the company were Nedelea Bogdan Remus (45%), Barbu Adisor George (45%) and Nedelea Ilie (10%).
(English version by Loredana Fratila-Cristescu)