Romania’s securities commission CNVM Wednesday approved a preliminary prospectus for the public offering, filed last week by Vimetco and Conef.
A consortium made of Unicredit CAIB Securities Romania, ING Bank and Raiffeisen Capital & Investment will broker the deal.
Vimetco owns 84.19% in Alro, while Conef — a subsidiary of Alro — holds 3.77% of its shares. Romanian investment fund Fondul Proprietatea owns a 10.03% stake.
Alro reported net profit of RON120.24 million (EUR29.2 million) in the first quarter, more than double on the year.
Wednesday, Alro closed down 3.77% at RON3.85 a share.