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bne October 2021 Companies & Markets I 15
Romanian online retailer Elefant reportedly plans November IPO
Iulian Ernst in Bucharest
Online retailer Elefant.ro, the company that operates
the elefant.ro online store, is believed to be preparing for an IPO on the Bucharest Stock Exchange (BVB) in November this year, Ziarul Financiar reported, quoting sources familiar with the plans.
Elefant.ro is one of Romania’s bigger online retailers, but failed to capitalise on the e-commerce rally prompted by
the coronavirus lockdowns. While online sales soared when Romanians were unable to visit bricks and mortar shops, the market is dominated by eMAG.ro. Aside from Altex.ro, the market lacks other big players.
Elefant.ro was set up and is controlled (60.7%) by Moldova’s former prime minister Ion Sturza through Millennium
Gold Resources Limited. Axxess Capital private equity fund managed by Horia Manda (through the OLIF investment
vehicle registered in the Netherlands), has been a significant shareholder with 29.4% of the capital, since 2016. Catalyst Romania Sca Sicar holds 9.92%, according to Confidas.ro data.
Wood & Company Financial Services, a top 10 intermediary on the Bucharest Stock Exchange (BVB), is reportedly preparing the listing.
Elefant Online has already issued bonds worth RON7.6mn (€1.5mn) on the BVB that are due to mature on September 27, 2021. The company attached a 9% coupon payable twice a year to its bonds issued in February 2019.
The company reported a modest increase in revenues and deep RON3.79mn losses in January-June this year, compared to
the thin RON0.47mn net profit in the same period of the year before, according to a statement filed to BVB.
Three major companies traded on Bucharest stock exchange doubled investors’ money over the past year
Iulian Ernst in Bucharest
Two blue chips, Medlife and TeraPlast, and major real estate developer Impact were among the 15 companies traded on the Bucharest Stock Exchange (BVB) that have boasted price increases in excess of 100% over the past 12 months, according to calculations by Ziarul Financiar daily.
In total, 28 Romanian companies reported increases of over 100% over the past year, but 13 of them, all listed on the AeRO market of the Bucharest Stock Exchange, posted turnover of under RON1mn (€0.2mn).
Over the same 12-month period, the BET index, which includes the most liquid 17 shares, registered an advance of 35.5%.
Ziarul Financiar calculated the price gains over the past year as of September 9 and filtered out the stocks with a total turnover of under RON1mn that typically feature high volatility.
The shares of the construction materials manufacturer TeraPlast Bistrita, with a capitalisation of RON2.27bn, brought
investors a yield of 265.2% in the last 12 months. Shares worth RON579mn were traded.
TeraPlast is part of the BET index and is 46.83% owned by entrepreneur Dorel Goia, while the Pillar II pension fund managed by NN Pensii holds 12% of the company's share capital.
The shares of MedLife, an integrator of private medical services with a RON2.26bn capitalisation, rose by 173.5% in the last 12 months, amid transactions worth RON289mn.
Among the largest shareholders are chairman of the board and CEO Mihail Marcu (15.8%), Nicolae Marcu (10.7%), Mihaela Gabriela Cristescu (14%) and NN Pensii (12.8%).
The shares of real estate developer Impact Developer & Contractor, listed on the main market of the stock exchange with a RON977mn capitalisation, also brought a significant return to investors of 151.3%.
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