Online retailer Elefant.ro, the company that operates the elefant.ro online store, is believed to be preparing for an IPO on the Bucharest Stock Exchange (BVB) in November this year, Ziarul Financiar reported, quoting sources familiar with the plans.
Elefant.ro is one of Romania’s bigger online retailers, but failed to capitalise on the e-commerce rally prompted by the coronavirus lockdowns. While online sales soared when Romanians were unable to visit bricks and mortar shops, the market is dominated by eMAG.ro. Aside from Altex.ro, the market lacks other big players.
Elefant.ro was set up and is controlled (60.7%) by Moldova’s former prime minister Ion Sturza through Millennium Gold Resources Limited. Axxess Capital private equity fund managed by Horia Manda (through the OLIF investment vehicle registered in the Netherlands), has been a significant shareholder with 29.4% of the capital, since 2016. Catalyst Romania Sca Sicar holds 9.92%, according to Confidas.ro data.
Wood & Company Financial Services, a top 10 intermediary on the Bucharest Stock Exchange (BVB), is reportedly preparing the listing.
Elefant Online has already issued bonds worth RON7.6mn (€1.5mn) on the BVB that are due to mature on September 27, 2021. The company attached a 9% coupon payable twice a year to its bonds issued in February 2019.
The company reported a modest increase in revenues and deep RON3.79mn losses in January-June this year, compared to the thin RON0.47mn net profit in the same period of the year before, according to a statement filed to BVB.