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Thursday, November 23, 2017 
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Shares of Transilvania Broker de Asigurare start trading on Bucharest Stock Exchange

11/2/2017

  • Transilvania Broker de Asigurare becomes the first insurance brokerage company listed on BVB
  • The price per shares was RON 14.4510 following the 7 percent promotional discount
  • The value of offer exceeded RON 9 million for 25% of the company’s equity  
  • Transilvania Broker: We target a market share of at least 10 percent in the next 2 years, expect revenues and profit margins to double in the next 3 to 5 years

 

Shares of Transilvania Broker de Asigurare, a leading insurance brokerage company, began trading on the Main Market of the Bucharest Stock Exchange (BVB) starting from November 2, 2017, under the symbol TBK. The company shares started trading following a secondary initial public offer, which was subscribed by over 270 percent in one and a half days. The company sold 625,000 shares or 25% from its equity. The price per share from the offer was RON 15.5 lei, and it amounted to RON 14.4510 per share after applying the 7 percent promotional discount, making the value of the offer exceed RON 9 million. At this price per share, the company’s market capitalization went over RON 36 million. Transilvania Broker became the first insurance brokerage company in Romania to be listed on BVB.

"Four Romanian entrepreneurial companies from different fields have been listed on the BVB in less than a year, and each company operates in a field that is represented for the first time on the Romanian stock exchange. The stock market offers more diversity and attractiveness to investors and will continue to attract companies representative of the Romanian economy," said Lucian Anghel, Chairman of the Board of Governors of the Bucharest Stock Exchange.

"The future sounds promising and we will try to take advantage of this trust capital we were offered. Our agenda is fully loaded starting from tomorrow as we have audacious plans: we aim for a market share of a minimum 10 percent in the next couple of years, we continue to develop products and services related to the insurance industry together with our partners in the market, we continue to develop corporate, health / life, damage departments by attracting people with a high level of expertise and new collaborators who will generate rising volumes. All of these, in addition to many other projects, will make our revenues and profit margins double over the next 3 to 5 years," said Dan Niculae, Director General at Transilvania Broker, during the 7/24 Capital online show hosted by Bucharest Stock Exchange.

"The listing of Transilvania Broker on the stock exchange certifies transparency. We believe Going public has paramount benefits related to our image, transparency, trustworthiness, and notoriety. The key upper hand will most likely consist of helping us gather skilled people, who have relevant experience in the field, market specialists, and I am primarily thinking of our current collaborators interested in becoming shareholders in the company," added Gabriel Login, Executive Manager at Transilvania Broker.

The sale offer was closed after a day and a half, when subscription rate of over 270% was reached and over 800 orders from institutional and retail investors were introduced into the system, totaling nearly 1.7 million shares.

"The success of the offer for Transilvania Broker shares confirms investors' appetite for new listings and their confidence in the future of the capital market. We congratulate the bidders for initiative and vision and expect other companies to capitalize on the opportunity window, and follow suit. Goldring will continue to promote to the Bucharest Stock Exchange the innovative companies with proven performance and perspectives in their sector," stated Virgil Zahan, CEO at Goldring, the company that intermediated the transaction. Transilvania Broker is the second offer Goldring closed in advance, following the offer for AAGES, a company which had begun trading on BVB this June.

Transilvania Broker has a network of over 1,500 collaborators across the country and a portfolio of over 900,000 unique clients, individuals and businesses, according to data available at the end of last year. In 2016, the company intermediated premiums of over RON 360 million, reported a revenue of over RON 62 million and a profit of more than RON 3.6 million.