Romanian FMCG wholesaler Aquila raises €74mn in Bucharest IPO

Romanian FMCG wholesaler Aquila raises €74mn in Bucharest IPO
By Iulian Ernst in Bucharest November 18, 2021

Aquila (AQ), one of the biggest distributors of fast-moving consumer goods (FMCG) in Romania has raised RON367mn (€74mn) in an initial public offering (IPO) on the Bucharest Stock Exchange (BVB) completed on November 17.

This is the largest IPO completed by a private company in Romania in the last four years.

The new shares issued account for a third of the company’s post-IPO capital. Aquila was thus valued at €222mn, which is 18.3 times more than the net profit reported for 2020 (€12.1mn).

The funds raised will be used to acquire FMCG and distribution companies, strengthen the company’s work capital, invest in digitalisation projects and develop company brands.

“Aquila completed a capital increase of RON367mn through an initial public offering, this being the largest primary public offer made by a company with private shareholding through the Bucharest Stock Exchange. The successful completion of the Public Offer and the trust received from investors give us the opportunity to continue the path of expanding and consolidating the Aquila business to another level,” said Jean Dumitrescu, investor Rrelations director, Aquila.

Aquila reported revenues of €362mn in 2020. The group serves a network of about 67,000 points of sale, which includes traditional retailers, modern retailers and HoReCa companies. Its main partners include Unilever, Mars, Ferrero, Philips, Essity, Coca-Cola, Lavazza and ETI Romania.