CCC Blue Telecom, the third-largest player on the cable TV service market, held by businessman Catalin Chelu from Galati, will launch a public offering in the next two weeks in view of listing on the Bucharest Stock Exchange. The company hopes to raise at least 14 million euros in exchange for 25% of its shares.
The National Securities Commission (CNVM) yesterday approved the final prospectus of the public offering, which will begin within two weeks.
The company will offer for sale 19.88 million euros of newly issued shares, which account for 33% of the current share capital, and will account for 25% in the company when the offering is completed.
The price at which the cable TV company will sell its shares to investors on the market will be decided by the subscription demand from investors, as with Flamingo's IPO.
Investors will be able to place buy orders for prices ranging between 2.5 and 7 RON/share, with the offering set to conclude at the lowest price that will allow it to be fully subscribed. All investors that placed orders at prices higher or equal to the price at which the offering concludes will get the shares at that price.
The offering, to be run through the Bucharest Stock Exchange's system, will be brokered by Galati-based Eldainvest.
This is the company Catalin Chelu uses to trade on the Bucharest Stock Exchange, according to information on the capital market.
Eldainvest's manager confirmed the offering had been approved by the CNVM. "We got the CNVM's consent and will most likely launch the offering on November 17," Adrian Manaila, Eldainvest's manager told ZIARUL FINANCIAR.
The value of the offering will be 14 to 39 million euros, which means Blue Telecom could be worth somewhere between 42 and 117 million euros at the moment, with the market capitalisation after listing potentially standing at 56 to 15
