Alexandria businessman launches first IPO on BSE in two years and a half
Hydraulic pump producer Hidraulica UM Plopeni, controlled by
businessman Dănel Dinu of Alexandria, is set to carry out, starting
November 12, an initial public offering for floatation on the
Bucharest Stock Exchange, with this as the first such offering
after the one of Teraplast Bistriţa (TRP) in April 2008.
Hidraulica plans to raise between 10.7 and 12.2m RON on the
Bucharest Stock Exchange to co-fund the building of a mini
photovoltaic power station, an investment for which it will get
European funds.
"We have a EU-funded project related to electricity generation from
renewable sources, which was approved two months and a half ago,
and we need co-funding. We took the first steps toward floatation
three months and a half ago. We're trying to get funding and BSE
floatation seems a viable method to us," Ionel Dinu, chairman of
Hidraulica's board, told ZF. He is the brother of Dănel Dinu, who
controls the company.