The value of the shares in Chimcomplex Borzești has increased by 150% over the last three weeks on the Bucharest Stock Exchange. On Tuesday, the company recorded the fifth consecutive session of growth, with advances of about 30% in the first two trading sessions of the week, at the limit of variation imposed by the stock exchange operator. Traded volumes have also increased dramatically compared to those in the previous months, mirroring the investors’ strong interest in these shares.
During Monday’s session, Chimcomplex exceeded the 1 billion lei in capitalization, as it was valued at 1,1 billion lei, following a 29,12% rally, on transactions totalling 614.923 lei. Following Tuesday’s increase, the company reached a 1,3 billion lei worth capitalization.
Last Friday, the company announced it was a step closer to an IPO at the Warsaw Stock Exchange. Over the past 6 weeks, the board of Chimcomplex has been negotiating with 64 investors who wanted to subscribe to the capital increase operation. Investors’ interest has exceeded by more than 2,4 times the number of new shares issued on the market during this capital increase phase, and tenderers who have been able to pay at least EUR 1 million as share premium were admitted to the operation. The company will issue 6,1 million shares to the selected four investors.
The board of directors of Chimcomplex recommended the other 60 investors to take part in the next stage of the capital raise, which will open by the end of 2021. The company also completed on April 15 the first stage of the strategy to prepare the IPO on the Warsaw Stock Exchange in parallel with that in Bucharest.
Chimcomplex Borzești Onești is the main chemical producer and supplier in the region, specialized in polyols, chlorines and oxo-alcohols. In 2020 the company reported a turnover of 1,2 billion lei and a net profit of about 95 million lei. Chimcomplex is the largest exporter in Romanian chemistry industry and about 60% of the company’s production is destined for export.
The company is controlled by CRC Alchemy holding (87,8%), while the Romanian state through the Authority for State asset Management holds 9,2% of the share capital.