The largest initial public offering Bucharest has seen in four years was completed with a significant Swiss boost.
Romanian real estate developer One United Properties completed the largest initial public offering (IPO) seen on the Bucharest Stock Exchange in the last four years, according to a statement.
The IPO gave the company a market capitalization of about 580 million euros ($687 million) after receiving $63 million in investor proceeds. This makes One United Properties the third-largest Romanian enterprise listed on the Bucharest Stock Exchange and one of the country's top ten listings when subsidiaries of foreign companies and public utilities are included.
Swiss entrepreneur and ex-UBS banker Claudio Cisullo (pictured above) participated through his CC Trust Group family office, as finews.ch reported (German only). He is the third-largest shareholder, ranking just after the founders, and was appointed its chairman earlier this year.
Fully Subscribed
Last year, he also established a private equity vehicle (German only) with CC Trust Group and One United Properties together with a securitization arm based in Luxembourg, paving the way for an initial bond issue of $60 million at the end of May.
The One United Properties IPO comprised two tranches for institutional and retail investors, with the retail investor tranche being fully subscribed in the first 40 seconds.
