Paper and cardboard manufacturer Vrancart Adjud will hold a primary initial public offering on Thursday, March 17, through which it plans to sell 174.7bn ROL (4.8 million euros) of shares with a view to listing on the Bucharest Stock Exchange. Vrancart intends to sell 116.5 million shares with a par value of 1,000 ROL. The sale price will be 1,500 ROL, and, if the shares are oversubscribed, allocation will be carried out on a "pro rata" basis, meaning the shares offered will be allocated in direct proportion to the amount subscribed. The offering will be brokered by IFB Finwest, though investors will be able to subscribe through any brokerage firm. Vrancart plans to invest over 3 million euros in retooling and upgrading its production lines after its listing on the Bucharest Stock Exchange. Vrancart was listed on the RASDAQ until last year, until its majority shareholder, SIF Banat-Crisana, was forced by capital market legislation to delist it. The financial investment company currently owns more than 90% in the paper and cardboard maker. The latest financial data show that Vrancart Adjud posted close to 11 million euros in turnover for the first nine months of last year, while its gross income reached some 1.5 million euros, both indicators having gone up 10% on 2003. ZF
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