Sausage producer Cris-Tim, one of the oldest entrepreneurial businesses in Romania, indirectly controlled by the Timiş family, today launches a listing offer on the Bucharest Stock Exchange, with a potential value of approximately 473 million lei (almost 100 million euros), through a capital increase combined with the sale of existing shares. It is the first major operation of this type since the listing of Premier Energy in the spring of 2024 and the first carried out in a difficult budgetary context, marked by the pressure of the increase in the deficit and additional fiscal measures, including the increase of some taxes.
Through this offer, Cris-Tim will test the appetite of institutional investors for new placements on the capital market, at a time when liquidity is closely monitored, and yields on government securities remain at high levels. The offer includes both the sale of a package of existing shares and the issuance of new shares. In total, the company will put on the market 27 million shares, of which 6.2 million are newly issued. Currently, Rangeglow Limited – the entity through which the Timiş family controls the company owned 51% by Radu Timiş and 49% by Cristina Teodora Timiş – has 99.9% of the Cris-Tim capital. Following the closing of the offer, Rangeglow will retain approximately 65% and the company's free float will be up to 35%. The funds will go to cover some loans and the development of the company. According to the prospectus published on Thursday, 85% of the shares offered are intended for institutional investors, mainly private pension funds Pillar II, and 15% of the offer is addressed to retail investors. Retail investors can subscribe at the maximum price of 17.5 lei/share, benefiting from a 5% discount in the first four days of the offer. The established price range is between 16.5 and 17.5 lei/share. The public offer starts today, October 17, and is scheduled to end on October 20, after which the company and the intermediary will announce the final price and subscription level. The company announced its intention to distribute at least 50% of the profit in the form of dividends, but also ambitious investment plans, including through possible acquisitions at the regional level. The sausage producer Cris-Tim, one of the oldest family businesses in Romania, indirectly controlled by the Timiş family, today begins the public offering aimed at listing on the Bucharest Stock Exchange in an operation brokered by BRD and BCR, with a value of up to 473 million lei. The offer is scheduled to end on October 29, and thereafter trading will be done with the symbol CFH. The offer is divided between retail investors (15%) and institutional investors (85%) and values the company at a maximum of 1.42 billion lei.
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