Romanian smartphone producer iHunt to float its shares

By bne IntelliNews February 19, 2019

iHunt Technology Import Export Ploiesti, a Romanian company that has developed its own brand of smartphones, manufactured in China, will be listed on the AeRO segment of the Bucharest Stock Exchange in less than three months, Profit.ro reported.

The company will use the money raised in the initial public offering of shares to boost the development of a range of electronic products under the iHunt brand.

“We aim to offer for sale between 10% and 25% of the company," said local investor Cezar Cătălin Stroe, who owns 99.5% of the company. He set up the company in 2015. The rest of the shares belong to Liviu Corneliu Stroe.

“I estimate the listing will take place in about one to three months,” Stroe said. 

Besides developing products under its brand, the company has imported international brands in the past. The company also manages the online store www.ihunt.ro. The company's revenues reached RON24.1mn (€5.2mn) in 2017, almost double compared to 2016. The net profit also increased, at a moderate rate of 6.5% though, to RON2.14mn (€460,000) in 2017. 

“Last year, the turnover increased at a slower rate, but the company consolidated the brand iHunt. So, I believe 2018 was the best year for the iHunt brand, with almost all the products sold under our brand,” Stroe said.

Related Articles

Romanian businessman inaugurates single metre of motorway to demand better infrastructure

Around 1,000 people attended the innauguration ceremony of the first metre of motorway in Romania’s historic region of Moldova on March 15. The event was accompanied by 15-minute protests ... more

Turkmenistan bets on Black Sea-Caspian Sea International Transport Corridor

Turkmenistan, Romania, Azerbaijan and Georgia have established the Black Sea-Caspian Sea (BSCS) International Transport Corridor. The new trade route stretches from Turkmenistan's Caspian Sea port at ... more

Bucharest to build sports arena “like no other” but opposition question €138mn price tag

Bucharest mayor Gabriela Firea announced that the city council endorsed the development of a 20,000-seat sports arena estimated to cost around €138mn. Firea claimed that the project's cost ... more

Dismiss