The funds attracted from investors will be used for the purchase of new equipment and restoration of existing facilities, implicitly the development of the company’s new field of activity, medical devices production: surgical masks and filter material.
“The last two years have brought changes in our daily routine and, more importantly, in the economy and business around us. This is also the case for companies listed on the stock exchange, such as INOX, which quickly adapted to market requirements and opened a new line of business, medical devices production. It is a proof of maturity, and in the case of INOX, a company founded in 1937, it reflects a vision for business development. We are glad that they have used the Stock Exchange to support this new business direction and I urge all listed companies, both new and those with a stock market history, to follow the example of INOX”, said Radu Hanga, Bucharest Stock Exchange President.
INOX sold 10,000 non-convertible and unsecured corporate bonds to 38 investors in a private placement carried out in early September 2021. The bonds have a nominal value of EUR100, with a maturity date on September 8, 2024, and a coupon of 8% per annum, payable on a quarterly basis. The private placement and the bonds listing were carried out with the support of BRK Financial Group.
“INOX has joined the national effort to combat the pandemic in the first months of 2020. Today we continue, with the support of our investors, to develop and produce post-pandemic masks, for the safety of medical professionals and especially for all of us protection, in a sign of respect for oneself and for all those around us”, said Dr. Ion Bazac, INOX President.
INOX was established in 1937 as a producer or jewelry and silverware, silver cutlery and nickel plated. INOX shares have been listed on the exchange since February 22, 1997. Over time, the company has undergone successive transformations in terms of activity and technological development, becoming the most important manufacturer of stainless steel components and equipment in Romania. In 2020, the company opened a new production line of surgical masks and filter material, and by the end of 2020 this new field of activity had reached 24% of the total turnover.
INOX currently has 66 employees who carry out their activity at the company’s head offices in Magurele and Bucharest, focused on the production of medical devices. The company registered a turnover of RON12.4 million in 2021, up 37% from RON9 million in 2020.
INOX shares have gained 58% over the last year amid deals worth nearly RON165,000. Its stock market value nears RON4.2 million.