Business Forum • 29 May, 2026 at 6:02 PM
Christian Tour, one of Romania's largest tour operators, has successfully completed its initial public offering (IPO), ahead of its listing on the BVB.
The final offer price was set at RON 1.89 per share, equivalent to an anticipated market capitalisation of approximately €82 million. The estimated free-float at listing will be approximately 37.4% of the company's share capital. The offering attracted a total of approximately €28 million, of which €23 million represents the gross amount from the share capital increase component, which will support Christian Tour's next growth phase focused on organic expansion, digital transformation and M&A opportunities.
Cristian Pandel, Founder and CEO of Christian Tour, said: "The successful completion of this IPO marks a defining moment for Christian Tour and sends a strong signal about the direction both our company and Romania's tourism market are heading. 30 years ago, we started Christian Tour with the ambition to build a company capable of setting new standards in Romanian tourism. Today, the confidence shown by both retail and institutional investors validates not only the business we have built, but also the scale of the opportunity ahead of us."
The offering generated high demand from investors, with total subscription reaching 121% at a final offer price of RON 1.89 per share. Given significant investor interest, the over-allotment option was exercised, allowing allocation of additional shares to support liquidity following the company's listing. A total of approximately 80.7 million shares were placed in the offering, comprising nearly 66 million newly-issued shares, 13.3 million existing shares offered for sale by CPM Cambridge Holding, and 1.4 million existing shares allocated under the over-allotment option.
Trading is estimated to begin around 22 June 2026, under the ticker symbol TRIP.
BT Capital Partners acted as the Sole Intermediary for the transaction. PwC acted as auditor, and Filip & Company provided legal advisory services.