Romanian smartphone producer iHunt announces IPO plans

Romanian smartphone producer iHunt announces IPO plans
By Iulian Ernst in Bucharest June 19, 2019

iHunt, a Romanian developer of smartphones and other devices, has announced it will hold a 10%-25% IPO on the Bucharest Stock Exchange by the end of the month.

New shares accounting for 10% of the company’s capital will be put up for sale, but more shares, up to 25% of the capital, might be issued depending on the demand. The company’s shares will be traded on the special AeRo section, where the listing requirements are looser than on the regulated market.

The company will use the money attracted to develop its electronic product range under the iHunt brand.

Its business model is based on the import of smartphones and other electronic devices produced in China and sold on the local market. The company plans to enter foreign markets as well, this year.

iHunt Technology Import Export Ploiesti was set up in 2015 and sells its products mainly online. The company manages the online store The main shareholder of the company is Romanian entrepreneur Cezar Catalin Stroe (99.5%). 

The company’s revenues were around RON24mn million (€5.4mn) over the past two years, while the profit decreased to just RON0.5mn in 2018, when the company invested in expansion on foreign markets planned for this year.