Romania's JT Grup Oil raises 4 mln euro in IPO

As many as 2,163 investors subscribed for 3,632,272 shares during the IPO which ran from May 28 to June 10, JT Grup Oil said in a press release.

The company said last month that it will offer 10,000,000 new ordinary shares at a price of 6.5 lei apiece. Investors who subscribe for the shares during the first five business days of the IPO would benefit from a 16% discount, paying 5.46 lei per share, it also said at the time. The minimum investment was 300 shares.

JT Grup Oil will use the proceeds from the IPO to develop and consolidate its business lines, by increasing its volumes of fuels traded on the local market and by opening fuel stations in commercial centres. The proceeds will also be used to complete the company's JT Terminal project.

The JT Terminal project, the first private oil terminal in Romania to be built in the last 50 years, is worth 25 million euro.

The company is now waiting to be issued a certificate for the registration of the shares, after which it will submit with the bourse the documents needed to set a date for its trading debut, JT Grup Oil CFO Steluta Lebidov said.

In the 2023 fiscal year, the company booked a net profit of 5.7 million lei on revenue of 224.4 million lei.

(1 euro=4.9767 lei)