bne IntelliNews – Romanian online retailer Elefant repays deposit ahead of scheduled IPO

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Romanian online retailer Elefant has fully repaid corporate bonds worth 7.65 million RON (1.5 million euros) issued in 2018 and listed on the Bucharest Stock Exchange (BVB), which had reached their expiry date. The company is reportedly preparing for an IPO next month.

The company paid the principal of RON 100 per bond and the last coupon (RON 4.5616 per bond) on September 27. The bonds had a fixed coupon of 9%, payable semi-annually.

The bond issue, launched three years ago, was subscribed as part of a private placement negotiated by SSIF Tradeville, by 65 investors, including 61 individuals and 4 legal entities. 641 natural persons and 12 legal persons were registered for the payment of the last coupon.

“The amount we attracted was invested in the development of the Elefant platform, and the increased investor interest in the bonds issued shows the confidence they had in the company but also in its development plans. The success of this issue shows that instruments in the capital market represent a means by which investors’ money reaches the real economy, contributing to the development of enterprises â€, said Sergiu Chirca, CEO of Elefant.ro.

Elefant.ro reported a gross merchandise volume (GMV) of RON 120.7 million in the first half of this year, compared to RON 117 million in the first six months of 2020, while the number of unique visitors to the platform grew 12% year-on-year, to 12 million. . Elefant plans to reach 50 showrooms nationwide over the next four years, from an existing chain of 11 showrooms and 14 lifting points.

Wood & Company Financial Services would prepare Elefant.ro for listing via an IPO on BVB scheduled for November this year, according to Ziarul Financial citing sources close to the September 15 operation.

Elefant.ro was created and is controlled (60.7%) by former Moldovan Prime Minister Ion Sturza through Millennium Gold Resources Limited. The private equity fund Axxess Capital managed by Horia Manda (via the investment vehicle OLIF registered in the Netherlands), is an important shareholder with 29.4% of the capital, since 2016. Catalyst Romania Sca Sicar holds 9.92 %, according to data from Confidas.ro.

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