Business Forum • 3 March, 2026 at 10:55 AM
Electro-Alfa International, a Romanian electrical equipment manufacturer, began trading on the Bucharest Stock Exchange (BVB) on March 3.
The company raised RON 579.64 million (€115 million) through its initial public offering, which closed early due to strong investor demand.
The IPO recorded demand from both retail and institutional investors, with the retail tranche oversubscribed 60 times. The offering closed on February 6, four days ahead of schedule, marking the first early-closed offering in BVB history. The company's shares trade under the ticker symbol EAI, with a market capitalisation of RON 1.67 billion (€327 million) at the IPO price of RON 8.85 per share. Shares in the company were trading at RON 11.14 in the first day.
"Electro-Alfa International joins today the companies listed on the Main Market following an IPO that confirms investors' appetite for Romanian companies with a strong track record," said Radu Hanga, Chairman of the Board of Directors of the Bucharest Stock Exchange. The company will use the net proceeds from the IPO to support its growth strategy, including acquisitions, capacity expansion, and international development.
Following the offering, founder Gheorghe Ciubotaru retains a 52% stake, while the company's free float stands at approximately 35%. Institutional investors include the European Bank for Reconstruction and Development (EBRD) and NN Pensii, each acquiring stakes of over 5%. The company operates four production facilities covering 25,000 sqm in Botoșani, Romania.
"This step represents transparency, accountability, and the ambition to take Electro-Alfa to the next level," stated Gheorghe Ciubotaru, President and Founder of Electro-Alfa International. Swiss Capital and UniCredit Bank acted as Joint Lead Managers and Bookrunners for the transaction.