Romanian AdePlast IPO fails

Romanian constructions materials maker AdePlast said its listing on the Bucharest Stock Exchange has failed, due to insufficient subscription for the shares, altough the retail tranche in the initial public offering (IPO) was oversubscribed.

The company aimed to raise between EUR 13 million and EUR 15 million by selling a 33 percent stake.

“We were prepared for the bourse, but it seems the bourse was not prepared for AdePlast. Unfortunately, I don’t think we are yet at the stage in which the bourse can represent a viable alteranive for financing private companies in Romania,” said Marcel Barbut, CEO of AdePlast in a statement.

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The company has been founded in 1996, operating nine plans locally. Its profits more than doubled last year to EUR 3.6 million.

A consortium comprising BCR (manager) and Intercapital Invest brokerage (manager), along with legal firm CMS Cameron McKenna intermediated the IPO.

Ovidiu Posirca