Baile Felix-based Turism Felix, the main player on the market of spa tourism, has raised 8 million euros from investors, following a public stock offering conducted this summer.
In the offer, which ended on Friday, August 18, 61.7% of the 77 million shares were subscribed.
The bulk of the shares were bought by SIFs (Financial Investment Companies), which are always looking for investment opportunities, given that they possess significant amounts of cash, but have a hard time investing their money given the scarcity of offers on the capital market. As a matter of fact, the main shareholder in Turism Felix is also a financial investment company - SIF Transilvania.
Although few companies currently use capital attracted from the Stock Exchange to fund their activity, the new offer managed to attract the investors' interest. Since the beginning of this year, companies such as Transelectrica, Flamingo, Broker Cluj and Banca Transilvania have jointly attracted over 100 million euros from the Stock Exchange.
Turism Felix sold its shares at a price ranging between 0.6 RON and 1.1 RON per share, with the selling price being set at 0.6 RON/share at the end of the offer. The shares were sold in two stages, with the company shareholders being allowed to subscribe shares in the first stage, and, in the second stage - the new investors who wanted to buy stakes in the company. Out of the remaining shares in the second stage, a 44.3% stake was subscribed.
"As company manager, I am pleased with the results, as, for the offer to be considered a success, we had set the limit at 30%, and, eventually, the subscribed level was actually double," says Floriean Firu, deputy general manager of SIF Transilvania. However no foreign investor was involved, although SIF Transilvania officials said that several foreign investment funds had voiced interest in the offer.
"Two days before the offer was closed, signals received from various investment funds, including foreign ones - from Sweden and Estonia, indicated that it would be oversubscribed. I don't know why they did not subscribe in the end," added Firu. Turism Felix will use the money to make the investments it has planned for the next few years. The company also conducted this offer in order to move from the RASDAQ market to the first tier of the Stock Exchange.
"I think that, in a month or two, all procedures for the company to be listed on the Stock Exchange will be met", said SIF Transilvania's manager. The last price for Turism Felix shares on the RASDAQ market was of 0.6 RON/share. At this price, the company's stock exchange capitalisation is of 42.3 million euros.
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