November 3 (SeeNews) - Romania's Sphera Franchise Group raised 285 million lei ($72 million/62 million euro) through an initial public offering (IPO) of a 25% stake on the Bucharest Stock Exchange (BVB) and is expected to start trading next week, the bourse said on Friday.
Sphera Franchise Group launched the IPO on the BVB on October 24, hoping to raise up to 324.4 million lei through the sale of 9.8 million shares.
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The final price in the IPO was 29 lei per share. Some 95% of the shares were bought by institutional investors, while the rest were acquired by retail investors.
"The trading of shares in Sphera on the spot regulated market operated by the BVB under the symbol 'SFG' is expected to start on or around November 8," the statement showed.
Sphera Franchise Group was set up in June and operates the outlets of KFC, Pizza Hut, Pizza Hut Delivery and Taco Bell in Romania. It also runs fast food chain KFC's operations in Moldova and in the northeastern part of Italy.
Prior to the establishment of the new company, the fast-food chains were part of US-based YUM! Brands' Romanian subsidiary, owned by Radu Dimofte, Lucian Vlad, and Nicolae Badea, who now hold 43.7%, 33.3%, and 23% stakes, respectively, in Sphera Franchise Group. In the ongoing offering, Vlad is selling a stake of up to 22.3% and Badea is selling a stake of up to 2.7%.
Sphera Franchise Group is now one of the biggest restaurant groups in Romania, with annual sales of more than 130 million euro ($146 million), 100 locations and over 4,000 employees.
(1 euro=4.5942 lei)