Transport Trade Services – New Addition to BVB

Transport Trade Services [ticker: TTS RO] starts bookbuilding and covers first tranche worth USD 22m.

Transport Trade Services will soon be the new addition to the Bucharest Stock Exchange. To be specific, according to Romanian media, all 2.25m shares of Transport Trade Services (TTS) for retail investors have already been subscribed.

The “first-served” allocation tranche, to which 1.5m shares (10% of the total shares put up for sale) were allocated was completely subscribed in the first ten seconds at the price of RON 21.

In the case of the other retail tranche, where the allocation will be “pro-rata”, at 13:00, i.e. three hours after the start of the offer, 788 subscription orders were recorded, which totalled 1.58m shares, more than double the 0.75m shares (5% of the total) for this tranche.

As part of the operation, Transport Trade Services wants to sell up to 50% of the company’s shares, i.e. 15m shares, with the institutions allocated 12.75m shares, between RON 19 and RON 21.

The offer will run between 24 May and 4 June, and in order to be successfully completed at least 60% of the shares offered must be sold.

Transport Trade Services is the largest freight carrier on the Danube in Romania. In 2020 the consolidated revenues of the company amounted to RON 520.28m (-5.7% YoY), while operating results stood at RON 62.25m.

Category : Flash News

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