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Purcari Wineries raises 186.2 mln lei (49 mln euro) in IPO on Bucharest bourse

Purcari Wineries raises 186.2 mln lei (49 mln euro) in IPO on Bucharest bourse Purcari Wines

BUCHAREST (Romania), February 9 (SeeNews) - Purcari Wineries Plc raised 186.2 million lei ($49 million/40 million euro) through an initial public offering (IPO) of a 49% stake on the Bucharest Stock Exchange (BVB) and is expected to start trading next week, the bourse said on Friday.

Purcari launched the IPO on January 29, hoping to raise up to 274 million lei through the sale of 9.8 million shares.

The final price in the IPO was 19 lei per share. Some 90% of the shares were bought by institutional investors, while the rest were acquired by retail investors.

The offer was managed by Raiffeisen Bank and Swiss Capital.

Purcari Wineries is a public company incorporated under the laws of Cyprus, which owns wineries in Romania and Moldova.

The company's main shareholders are Lorimer Ventures Limited, owned by US investment fund Horizon Capital, with 63.5%, Amboselt Universal Inc, owned by Moldovan businessman Victor Bostan, with 30.3% and the International Finance Corporation (IFC), part of the World Bank group, with 6.41%.

Purcari Wineries owns over 1,000 hectares of vines and four wineries in Romania and Moldova - Bostavan, Purcari , Ceptura and Bardar. Its main markets are Romania, Moldova, and Poland.

The company posted sales 94.6 million lei and EBITDA of 31.3 million lei million in the first nine months of 2017.

(1 euro=4.6561 lei)