Romania Adeplast launches IPO, hopes to raise up to 15 mln euros
BUCHAREST Oct 1 (Reuters) - Romanian construction materials producer Adeplast will launch an initial public offering for a minority stake during Oct. 2-15 on the Bucharest bourse, hoping to raise between 13 and 15 million euros ($20.30 million), it said on Tuesday .
"The funds will be used to finance new investments and develop the company's activity," Adeplast said in a statement.
The firm plans to sell 16.5 million shares, or roughly 33 percent of its share capital after the IPO.
Founded in 1996, Adeplast has nine plants in Romania and recorded a net profit of 16.2 million lei ($4.91 million) last year, more than double compared with 2011. Intercapital Invest and Banca Comerciala Romana are the advisers for the IPO, the first such listing by a private firm in the last five years. ($1 = 0.7387 euros) ($1 = 3.2979 Romanian lei) (Reporting by Ioana Patran; Editing by Luiza Ilie)
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