Purcari operates more than 1.000 hectares of vineyards and four production platforms in Romania and Moldova, being the most awarded wine producer from Central and Eastern Europe at Decanter London in 2015-2016. Purcari owns two of the top five premium brands in Romania, with a total share of 26% in this segment.
In this context, the company decided to make a public offer to sell 49% of its own shares with a market value of approximately 120 million euros.
The company shows investors that it benefits from a low cost base and an abundant supply of quality grapes, enabling it to run an extremely profitable business. EBITDA margin for the first 9 months of 2017 was 33%, while net profit margin rose to 23%.
Purcari's offering took place between January 29 and February 8, with the subscription price range between 19 and 28 RON/share. The offer price was set based on orders placed by institutional investors.
Following the IPO (initial public offering), the sale took place at the minimum price of 19 RON/share, with the total transaction value reaching 186.2 million RON (40 million euros). The company's shares will begin trading on the BVB (Bucharest Stock Exchange) on February 14, announced the IPO intermediaries, Raiffeisen Bank and Swiss Capital.
Source: agora.md, wall-street.ro
