Cris-Tim Family Holding thus becomes the first Romanian entrepreneurial company to be listed on the BVB’s Main Market after a landmark transaction for the Romanian capital market, which involved the European Bank for Reconstruction and Development (EBRD), the most representative Romanian institutional investors active on the local stock exchange, as well as more than 8,000 retail investors.
The Initial Public Offering took place between October 17th and 29th, 2025, and the funds raised from institutional and retail investors will be used in a proportion of over 87% to support Cris-Tim’s development and investment plans. Following the transaction, the company benefits from a capital infusion of RON397.5 million, consisting of two components: a capital increase amounting to RON91.5 million and the repayment by the selling shareholder, Rangeglow Limited, to Cris-Tim Family Holding of RON306 million, representing the settlement of intra-group loans granted by the company in recent years, with the related details presented in the dedicated sections of the Prospectus.
The company’s shares are traded on the BVB under the ticker symbol CFH, and its market capitalization at the offering price of RON16.5/share is RON1.33 billion (EUR261.3 million). Cris-Tim Family Holding’s free float following the IPO stands at 34.48% of the share capital. The company’s founding entrepreneurs, Radu and Cristina Timi?, 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 within 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. For the Bucharest Stock Exchange, Cris-Tim is an invitation for the capital market to intensify its efforts to attract companies from new and more diversified sectors, and a challenge to ensure that our market is optimally positioned to welcome listings from agriculture, tourism, commerce, and services. For investors, Cris-Tim is an opportunity to gain exposure to a sector they know and use every day, but one in which they have not had the chance to invest systematically until now. I congratulate the Cris-Tim team and wish them a prosperous journey and the fulfillment of their boldest objectives,” said Remus Vulpescu, CEO of the Bucharest Stock Exchange.
“For Cris-Tim Family Holding, the stock exchange listing is a turning point in the development of our business and a validation from the market and investors of the value we have been creating for the Romanian economy since 1992. Over the years, we have set benchmarks and models for consumers and competitors alike, turning ideas into reality. We have set trends, innovated, and driven the transformation of the entire market. The stock exchange listing has always been an aspiration, and today, November 26, 2025, this objective has become reality. 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. Cris-Tim’s listing is a defining moment not only for us, but also for the entire industry we belong to. Once again, we are setting a model to follow, including from the perspective of using capital market mechanisms for development and growth. We hope that our story, from 1992 until today, will encourage other entrepreneurs to follow their dreams and emerge as leaders in their respective industries”, said Radu Timis Jr., CEO of Cris-Tim Family Holding.
“The success of our IPO demonstrates investors’ interest in the food industry in Romania and the region, as well as in a company with an efficient and high-performing business model. The funds raised during the IPO will support our development plans at both local and regional levels, across the two markets in which we operate—cold cuts and ready-meals. Over time, the company has proven resilience and an ability to innovate. We firmly believe that our listing on the stock exchange will bring benefits to the company, our shareholders, our consumers, and the entire market,” pointed out Razvan Furtuna, CFO of Cris-Tim Family Holding.
The Cris-Tim offering was structured into two tranches: one for retail investors in Romania and one for institutional investors outside the United States of America. The retail investors’ tranche recorded 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. In total, 27,790,000 shares were sold within the Offering, of which 5,600,000 were new shares as part of a share capital increase, 20,866,667 were existing shares offered for sale by the majority shareholder Rangeglow Limited, and 1,323,333 were over-allotted shares provided by Rangeglow.
Banca Comerciala Româna and BRD – Groupe Société Générale acted as Joint Lead Managers and Subscription Registry Administrators. Legal assistance regarding the preparation, execution, and completion of the offering was provided by Filip & Company for BCR and BRD, and by Clifford Chance Badea for Cris-Tim Family Holding.
“The listing of Cris-Tim Family Holding on the Bucharest Stock Exchange marks a milestone for the development of the capital market and a signal of the maturity of the Romanian economy. For BCR, this achievement represents the fulfillment of a long-term partnership and a growth strategy. We are speaking about a business with a history of more than 30 years, built with passion, expertise, and strong governance, with whom we have collaborated closely during the preparation and execution of the offering. Cris-Tim is now a benchmark issuer—the first local agribusiness and the first entrepreneurial company listed on the BVB by its founding family—attracting capital, trust, and investor appreciation, and demonstrating that Romanian entrepreneurship can become a regional standard of performance. We thank the Cris-Tim team and all project partners for their professionalism and contribution to a new chapter in the development of Romania’s capital market,” stated Cosmina Plaveti, Managing Director Investment Banking at BCR.
“Cris-Tim is one of the most prominent entrepreneurial businesses in Romania and, from this perspective alone, the Initial Public Offering stands among the most important transactions in the recent history of the local capital market. The success of the IPO was driven by the company’s sustainable competitive advantages, the strong reputation of its brands, the professionalism of the management team, and the credibility of its entrepreneurial story. The remarkable transparency and openness of the founding entrepreneurs and the management team in presenting the details of the business model and the visibility of the highly ambitious investment program outlined for the coming years represented tangible points of attraction for investors. The BRD team is honored to have been one of the company’s key advisors in this transaction, and we are confident that Cris-Tim’s success story will continue in its new role as a major issuer on the Bucharest Stock Exchange,” said Irina Neacsu, Executive Director Corporate Finance, BRD – Groupe Société Générale.