“The public offering for a stake in AdePlast, which was carried out between October 2 and October 15, was unsuccessful as it did not reach the minimum subscription volume. The sums subscribed will be returned to investors in conformity with the provisions of the offering prospectus,” BCR and Intercapital Invest said in a press release.
The IPO would have ended successfully if at least 70% of the shares on sale had been subscribed.
The offering ended Tuesday, at 5:00 p.m..
AdePlast planned to sell 16.5 million shares and hoped to attract between 57.8 million lei and 66.7 million lei (EUR13 million to EUR15 million). The offer was priced at RON3.52 to RON4.06 a share.
The public offering has been 4% oversubscribed on the segment of retail investors, who placed orders for about 2.58 million shares. They were allocated 15% (or 2.47 million units) of the shares on sale, while the remaining shares were reserved to institutional investors.
Retail investors benefit from a discount of 3% from the final price during the first four days of the offer. Starting with the fifth day, the discount dropped to 2%.
Founded in 1996, AdePlast runs three plants in Romania, in the cities of Oradea, Ploiesti and Roman. The company produces a wide variety of construction materials, including adhesives, mortar and paints.
AdePlast reported a 29% increase in sales last year to 184.4 million lei (EUR41.3 million). The company’s net profit rose to RON16.2 million, from roughly RON7 million in 2011. (EUR1=RON4.4503)