The volume traded in the first minutes neared 214,000 shares and the company’s market capitalization reached roughly RON388 million (around EUR78 million) at the opening price, thus overshooting the implicit valuation within the Initial Public Offering (IPO).
The listing follows an IPO valued at RON149 million (EUR28.4 million), with a 121% subscription rate.
The IPO was carried out between May 21 and 28 and demand exceeded supply. Of the 83.5 million shares available (including overallotment), 80.69 million were sold and allocated, accounting for 96.64% of the total. The final price was RON1.895 per share for institutional investors and those who subscribed after the first three working days, and RON1.80 for retail investors which subscribed in the first three days.
The listing of Christian Tour shares marked a unique moment on the local capital market, as it is the first company from the organized tourism sector to debut on the Exchange. Furthermore, the public offering conducted by the company in May this year brought a premiere: the 53% tranche allocated to retail investors at the close of the offering is the largest to date among all public offerings carried out on the BVB Regulated Market, a tranche that was ultimately oversubscribed.
Following the offering, Christian Tour raised proceeds of RON121.8 million, which will be used for mergers and acquisitions (M&A), investments in technology and digitalization, investments in operational capacities, and working capital optimization, as well as for strengthening the Christian Tour brand by developing loyalty programs and reinforcing multi-channel distribution.
Christian Tour was founded in 1997 and has evolved over the years from an entrepreneurial travel agency into one of the most prominent integrated tourism platforms in the country. Currently, the company owns the most extensive travel agency network in Romania, with 63 proprietary branches serving over 365,000 tourists annually.
The company’s shares are traded on the BVB under the ticker symbol TRIP, and the company’s market capitalization at the IPO execution price of RON1.895/share stands at RON410 million.
The company’s free-float stands at approximately 37.4%. The significant shareholder of Christian Tour, holding a 61.95% stake, is CPM Cambridge Holding S.R.L., a company wholly owned by Cristian Pandel, the founder of Christian Tour. A 0.69% stake is held by Oxford Investment Alliance S.R.L., a company owned by Cristian Pandel as well.
Investors purchased a total of 80,692,629 Christian Tour shares through 4,609 subscription orders. In the institutional investors’ tranche, 37,542,629 shares were allocated at a price of RON1.895/share, while in the retail investors’ tranche, 43,150,000 shares were allocated, of which 41,717,041 shares were priced at RON1.800share and 1,432,959 shares at RON1.895/share. Out of the latter, 1,400,000 shares were provided as an over-allotment option.
“We welcome Christian Tour’s debut on the Bucharest Stock Exchange. With this listing, tourism – a sector so close to the everyday lives and joys of Romanians – finds its place on the Exchange’s board, further enriching the map of sectors represented here. Every entrepreneurial company that chooses the capital market confirms the Exchange’s role as a bridge between the ambition to grow and investor confidence. The diversification of listed sectors is one of the subtle yet real signs of our capital market’s maturation. Congratulations to the entire Christian Tour team for the courage to go public, and I wish you great success on your new journey, this time as a listed company,” said Remus Vulpescu, CEO of the Bucharest Stock Exchange.
“Today marks the beginning of a new chapter for Christian Tour. What began as an entrepreneurial company built around a passion for travel has grown into Romania’s leading integrated tourism platform, and our listing on the Bucharest Stock Exchange is the starting point of our next stage of growth. The Romanian tourism market is entering a period of significant growth, professionalization and consolidation, and with the capital raised through the IPO, Christian Tour is uniquely positioned to lead that transformation. We will carry out significant investments in technology and digitalization – including AI-powered tools that will fundamentally change how Romanians plan and experience travel – while pursuing strategic acquisitions that allow us to build the most comprehensive travel ecosystem in this market,” stated Cristian Pandel, Founder & CEO of Christian Tour.
BT Capital Partners acted as intermediary for the listing process of Christian Tour shares on the Bucharest Stock Exchange.
“The listing of Christian Tour represents the conclusion of a landmark transaction for the Romanian capital market, highlighted by the issuer’s profile, the innovative structure of the offering, and the contextual challenges that the company successfully overcame to present this opportunity to future shareholders. From BT Capital Partners’ perspective, the success of this exercise confirms that investors are ready to support strong entrepreneurial companies—leaders in their sectors, with recognized brands and solid growth prospects within a competitive environment. A defining element of the transaction was the complementary participation of institutional and retail investors. Institutional investors helped validate the company’s fundamentals and its medium- and long-term growth potential, while the interest from retail investors demonstrated the attractiveness of the Christian Tour brand and the general public’s desire to become part of the success story of one of the most prominent companies in Romanian tourism”, pointed out Daniela Secara, CEO of BT Capital Partners, the sole intermediary of the Christian Tour offering.
Law firm Filip & Company provided legal advisory services and Cornerstone Communications managed investor relations.