April 26 (SeeNews) – Romanian fuel distribution company JT Grup Oil said it plans to launch an initial public offering (IPO) in Bucharest, listing 10 million new shares.
The listing would raise 12 million euro ($12.9 million) to 14 million euro, accounting for 28.5% of the company’s share capital, Jean Paul Tucan, majority shareholder of JT Oil Grup, told local business daily Zarul Financiar on Tuesday.
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JT Grup Oil has already been approved for listing on the AeRo secondary market of the Bucharest Stock Exchange (BVB). It is currently in the process of obtaining approval for its IPO prospectus from Romania’s financial supervision authority, ASF, the company said in a press release on Thursday.
The offer is open to both retail and institutional investors.
The IPO funds will fuel the company’s growth by boosting local fuel trading, setting up refueling stations, and operating JT Terminal, a petroleum products terminal located in North Constanta Port on the Black Sea coast.
JT Grup Oil completed the first development phase of the JT Terminal in March, it said in a press release at the time. The terminal is worth 25 million euro and is partly funded by non-reimbursable European funds.
Established in 2001, JT Grup Oil operates in the fuel distribution sector, primarily in the southeast region of Romania. The company manages its own fleet of 11 tankers, each with a capacity of up to 40,000 litres and equipped with pumps and measuring indicators for accurate delivery.
In the 2023 fiscal year, the company booked a net profit of 5.7 million lei on revenue of 224.4 million lei.
Earlier this month, energy group Premier Energy announced plans to raise 100 million euro from an IPO in Bucharest.
(1 euro=4.9763 lei)
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