BUCHAREST (Romania), May 10 (SeeNews) – Romanian freight forwarder Transport Trade Services (TTS) Group said that it plans to hold an initial public offering (IPO) on the Bucharest Stock Exchange in late May, offering investors up to 50% of its existing shares.
The offering is subject to market conditions and the approval of the trading admission prospectus by Romania’s Financial Supervisory Authority, TTS said in a statement on Friday.
The company plans to list its shares on the main regulated market of the Bucharest Stock Exchange.
TTS intends to sell up to 15 million shares in two tranches: up to 2.25 million shares to retail investors, and up to 12.75 million shares to institutional investors.
The face value of a TTS share is 1 leu ($0.25/0.203 euro).
“Our strategy is to develop and enhance the services we offer to our clients, with great care for the environment. Our plans complement the Group’s current operations and involve acquisitions, organic growth and continuous efficiency improvement, while reducing our carbon emissions,” TTS Group CEO Petru Stefanut said.
TTS was established in 1997 and is the main shareholder of Navrom SA, TTS Operator, Canopus Star, Trans Europa Port, Cernavoda Shipyard, Bunker Trade Logistic, TTS, Cargorom Trans, Agrimol Trade and Transterminal, according to information published on the group’s website.
The group carries out commercial operations in nine countries: Romania, Serbia, Hungary, Croatia, Bulgaria, Austria, Slovakia, Ukraine and Germany and operates 10 port terminals in Romania and Hungary.
TTS Group carries 31% of the volumes transported on the Danube, and around 35% of the freight traffic on the Danube – Black Sea canal and 39% of the total traffic on the Danube to and from Constanta, according to data based on Eurostat’s statistical methodology. The main carried freight includes minerals, grains and chemical products.
The group also has the largest river fleet in the Danube basin, with 466 vessels and a total capacity of 768 kilotonnes, accounting for a 27% market share in terms of volume and 23% according to the number of owned units.
In 2020, TTS Group posted a net profit of 48 million lei, EBITDA of 114 million lei and total sales of 520 million lei.
TTS shares are currently held by 14 individuals. The company’s management team and founder own 67.57% of all shares among themselves.
(1 euro=4.9262 lei)
