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

Turkey’s S-Sport cancels NBA coverage after Erdogan critic and player Enes Kanter’s team advances

Multiple US news outlets on May 14 carried reports on how the NBA's Western Conference finals will not be televised in Turkey because they will feature the Portland Trail Blazers' Enes Kanter, a Turk ... more

Iran to use Turkish internet connections to beat US sanctions

Iran is set to use Turkish internet connections following an agreement between ministers, Mehr News Agency reported on April 30. Turkish Minister of Transport and Infrastructure Mehmet Cahit ... more

Instagram blocks accounts of Iranian Guard commanders following terrorist designation

The Instagram accounts of several Islamic Revolutionary Guard Corps (IRGC) commanders have been blocked with the photo-sharing website saying it was complying with US sanctions, Tabnak news website ... more

Dismiss