The shares of Romanian construction materials retailer MAMBricolaj [BSE:MAM] started trading on AeRO, the alternative market of the Bucharest Stock Exchange (BVB), the bourse announced, according to SeeNews.com.
“The listing on the stock exchange is a strategic direction for the company, part of the plan for the accelerated expansion of MAMBricolaj store network in the main urban centers in Romania. We aim to use all the mechanisms offered by the capital market to support accelerated growth and to develop a successful partnership with stock market investors,” MAM Bricolaj founder and CEO Cristian Gavan said, as quoted in a statement by the bourse.
In September the company attracted almost 8.5 million lei ($2.12/1.74 million euro) through a private placement which was 76% oversubscribed. A total of 744,418 shares were subscribed for at 20 lei per share, giving MAMBricolaj an anticipated market capitalisation of almost 33.9 million lei. The funds will be used by the company to open new stores in Bucharest and other cities such as Brasov, Cluj-Napoca or Iasi, MAMBricolaj said at the time.
The founder of MAMBricolaj Cristian Gavan holds 67.51% of the company’s shares, and Petruta – Puica Gavan holds 7.5% of the shares. Almost 25% is in the portfolios of the investors who took part in the private placement.
Founded in 2011, MAM Bricolaj operates two stores in Bucharest and an online store.
In mid-December, MAMBricolaj acquired local chipboard and MDF panels manufacturer Geomam Pal Group for 825,000 lei.
MAMBricolaj posted a turnover of 17 million lei in the first six months of 2020, up by 28% compared to the same period of last year and estimates that it will end the year with a turnover of 38.5 million lei.
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