The company’s IPO prospectus for 50% of its existing shares, or maximum 15 million shares, sets a price per share of RON19 to RON21. This puts the company’s valuation at approximately RON630 million (EUR129 million).
The initial public offering starts on May 24 and is expected to close on June4. Company shares are expected to be listed on the Bucharest Stock Exchange in June. The IPO is brokered by Swiss Capital, with BRK Financial Group and Tradeville as agents.
The IPO will take place in two stages, one for retail investors for up to 2.25 million shares, and one for institutional investors for up to 12.75 million shares. The shares have a face value of RON1/share.
TTS Grup had revenues of RON520 million in 2020 and a net profit of RON44.2 million. It has operations in nine countries and operates ten harbor terminals.