The process entailed two phases – Phase 1, in which the existing shareholders subscribed shares based on preference rights, and Phase 2 with new investors which participated in the private placement. The final price per share for both phases was set at RON1.25.
One United Properties sought to raise almost RON470 million (EUR95 million) for 330 million newly issued shares, which means the operation attracted nearly 54% of the target amount upon closure, in line with calculations by Ziarul Financiar (ZF) daily.
A total 152.95 million shares were subscribed within the private placement, at the price of RON1.25 per unit. Thus, the company will give back to each investor subscribing new shares in Phase 1, at the maximum price of RON1.42, the difference between the maximum price and the final price.
The share capital increase was the fifth capital raise for One United Properties, which in July 2021 listed its shares on the Main Market of the Bucharest Stock Exchange after having successfully raised RON252 million in an initial public offering (IPO). Phase 1 of the share capital increase, which ran between June 27 and July 27, was intermediated by BRK Financial Group. Raiffeisen Bank International and UniCredit acted as Joint Bookrunners in the Private Placement, while Swiss Capital acted as Co-Bookrunner.
The capital raised in the share capital increase operation will fuel the growth strategy of One United Properties, allowing the company to seize additional opportunities in the market. The new equity will be invested with priority in new residential developments located primarily in Bucharest.
One United saw an 82% increase in consolidated revenue year-over-year to RON348.7 million in the first quarter of 2022, and its net profit soared by 320% to RON166.4 million. For the whole 2022, the company targets a turnover of RON1.52 billion and a net profit of RON548.7 million, as per data from the company’s quarterly report.
One United Properties, with a market capitalization of RON3.33 billion, is 29.76% equally owned by OA Liviu Holding Invest and Vinci Ver Holding, two investment vehicles controlled by Andrei Diaconescu and Victor Capitanu, in line with stock market data.