Romanian smart devices producer Visual Fan, best known for its smartphones sold under the Allview brand, issued 111,100 new shares at a price of RON140 per share, raising RON15.5mn (over €3mn) through a share issue that put the company’s value at RON155.5mn (€31.7mn), according to Ziarul Financiar daily.
The shares will soon be listed on the Bucharest Stock Exchange (BVB).
The issue, managed by Tradeville, gained the interest of investors, who placed orders for six times more shares than offered by the issuer.
Founded in 2002, Visual Fan has launched over 100 mobile phone models, 30 tablet models, and 10 laptop models. Allview brand products are marketed in over 10 countries, including Germany, Poland, and the Baltic countries.
The company has developed strong partnerships with major Chinese manufacturers over the past 15 years.
In 2020, Visual Fan reported a RON404.8mn turnover, of which €103.0mn or one quarter was from recurring activities. The company managed to achieve a net profit of RON22.3mn in 2020. Of this figure, RON7.04mn was generated by recurring activities, almost four times more compared to the previous year.