March 1 (SeeNews) - Shares of Romanian agricultural products retailer Agroland [BSE:AG] started trading on the alternative market of the Bucharest Stock Exchange (BVB), AeRO, the bourse announced on Monday.
The company's listing comes almost nine months after Agroland made its debut on the BVB by listing its first bond issue in June 2020, the bourse said in a press release.
The company carried out a private placement in November, attracting 7.9 million lei ($1.95 million/ 1.62 million euro). Within the private placement, 1.7 million shares were put up for sale, and investors placed subscription orders for 8.5 million shares, with a cumulative value of 38.5 million lei, which exceeded almost five times the offer.
The 1.7 million shares were allocated pro-rata to 137 investors, of which 3 institutional investors and 134 retail investors. Thus, the investors who participated in the private placement hold 15% of Agroland's shares among themselves.
The capital attracted by the company through the private placement will be used to finance the development of new format stores with areas of over 400 sq m.
Following the private placement, Agroland got an anticipated market capitalization of 52.9 million lei.
Agroland was founded in 1997 in Timisoara and operates 248 stores in 29 Romanian counties, employing over 650. The company is also present in the online commerce segment.
As of Monday at 1301CET, Agroland's shares traded at 18.4 lei.
(1 euro=4.8744 lei)