Electro-Alfa International has completed one of the most successful Initial Public Offerings (IPOs) ever held on the Bucharest Stock Exchange for an entrepreneurial company in Romania. The amount raised was approximately 580 million RON (115 million EUR), for approximately 66 million newly issued shares, equivalent to a free-float of 35%.
The offering ran from 2-11 February 2026 and closed early on 6 February, due to high demand, at the maximum offer price of 8.85 lei/share. Following the IPO, renowned institutional investors such as the European Bank for Reconstruction and Development (EBRD) and NN Pensii joined the company as shareholders with a stake of over 5% each. The oversubscription of over 5800% on the retail investors’ tranche led Electro-Alfa International to increase the share of the tranche dedicated to them from 10% to 15% of the offer.
The market capitalization after the IPO is approximately 1,670 million lei (≈ 390 million dollars / 327 million euros).
The shares will be listed on the BVB under the symbol EAI, around March 3, 2026.
Launched on February 2, the offer was closed early on February 6, due to high demand from investors, both on the retail tranche, where the oversubscription was over 5800%, and on the institutional investors’ tranche. Following the IPO, renowned investors such as the European Bank for Reconstruction and Development (EBRD) and NN Pensii entered the shareholding with a stake of over 5% of the shares each, confirming the strong market interest in Electro-Alfa International and its long-term development strategy.
The offer was structured in two tranches: the one intended for retail investors and the one for institutional investors. In the retail tranche, investors who subscribed in the first four days benefited from a 5% discount, at a price of 8.4075 lei/share, while the subscriptions of institutional investors were made at the maximum price of the offer, of 8.85 lei/share.
Within the public offer, the tranche intended for retail investors was initially set at 10% of the total shares offered. Given the high interest shown, the company decided to supplement it with another 5%, so that the final allocation for individual investors reached 15%. The decision reflects Electro-Alfa International’s respect for the interest shown by individual investors and the desire to offer them the opportunity to directly participate in the development of a Romanian entrepreneurial company with a solid history and clear growth prospects.
“For me, the listing of Electro-Alfa International is a moment with a strong emotional charge. Over 30 years ago, we set out on our journey with a lot of work, courage and confidence that we could build something sustainable in Romania. We have grown step by step, alongside a dedicated team and partners who have been close to us at every stage. The fact that institutions such as the EBRD and important pension funds, such as NN Pensii, have chosen to invest in Electro-Alfa International represents a strong validation of our journey. At the same time, we are pleased with the trust given by individual investors who have decided to join us. It is a great responsibility and we will continue to develop the company with the same seriousness, modesty and determination with which we started in 1991”, stated Gheorghe Ciubotaru, founder and president of Electro-Alfa International. “Our partnership with Electro-Alfa marks an important milestone in strengthening the Romanian industrial sector and capital markets. We are proud to support a company that combines solid engineering expertise with a strong vision for growth, innovation and modernization. This investment reflects the confidence we have in Electro-Alfa’s leadership and its long-term strategy, and we look forward to working closely as the company expands its capabilities, accelerates its research and development agenda and continues to deliver high-quality solutions for Romania’s critical infrastructure,” added Victoria Zinchuk, EBRD Head of Office, Romania.
Electro-Alfa International’s market capitalization after the offering amounts to approximately 1,700 million lei, equivalent to $390 million or €327 million. Electro-Alfa International shares are to be admitted to trading on the regulated market of the Bucharest Stock Exchange under the symbol EAI, with the estimated start of trading being March 3, 2026.
The funds raised from the IPO will be used to support Electro-Alfa International’s growth strategy, including strategic acquisitions, development of internal capacities, investments in energy production and storage, innovation, expansion into foreign markets, as well as ensuring the working capital necessary to participate in major projects.
The initial public offering was carried out through SSIF Swiss Capital S.A. and UniCredit Bank S.A., as Coordinating Intermediaries, while the law firm Clifford Chance Badea provided legal advice throughout the entire process. Through this listing, Electro-Alfa International takes an important strategic step towards consolidating its position on the capital market and accelerating its long-term sustainable development.