ASF approves IPO for listing 28.5% of JT Grup Oil on Bucharest Stock Exchange

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The Financial Supervisory Authority (ASF) approved in its meeting of Wednesday, May 22, the  Prospectus for the initial public offering of 10 million shares for the listing of JT Grup Oil on the Multilateral Trading System of the Bucharest Stock Exchange, AeRO market.

The initial public offer, which will be open for ten working days, will start on 28 May 2024 and will run until 10 June 2024.

JT Grup Oil will issue 10,000,000 new ordinary shares following the decision of the extraordinary general meeting of shareholders to increase the share capital. The value of a share resulting from the valuation report is 7.38 lei/share and the offer price at which the shares will be traded is 6.50 lei per share. For applications submitted during the first five working days of the offer period, investors will benefit from a 16% discount on the offer price and will thus be able to subscribe at a price of 5.46 lei/share.

The public offer is addressed to institutional and retail investors, with a minimum investment of 300 shares. The shares will be allocated on a first-come, first-served basis and in the event of oversubscription, the allocation method will be “pro-rata”. The prospectus submitted by JT Grup Oil, one of the most important companies operating on the fuel distribution market, can be consulted directly on the company’s website and on the BVB platform.

The listing on the Bucharest Stock Exchange will increase JT Grup Oil’s share capital by approximately 14 million euros, an amount that the group will invest in new projects and technologies to streamline operations and in developing and expanding its range of services.

The intermediary of the initial public offering is S.S.I.F. INTERDEALER CAPITAL INVEST S.A. Once the public offering opens in the multilateral system operated by the Bucharest Stock Exchange, the shares will be traded under the symbol “JTG”.

“The approval of the Prospects and the listing of JT Grup Oil on the Multilateral Trading System of the Bucharest Stock Exchange is an important step towards strengthening our market position. By listing on the stock exchange we will increase our share capital by approximately 14 million euros, which we will allocate to the development of new business areas. Besides distributing dividends in the form of cash, we also plan to distribute dividends in the form of free shares if the annual performance allows us to do so.”, points out Bogdan Aldea, Chairman of the Board of Directors and CEO of JT Grup Oil S.A.

Steluta Lebidov, CFO, JT Gup Oil, added: “We invite investors to invest in a financially stable company with a forward-looking strategic vision. Our solid results over the last ten years indicate a steady growth in turnover from RON 136 million in 2014 to almost RON 300 million in 2023. Based on these figures, from 2025 our forecasts show an increase in the quantity sold from 50 thousand tonnes to 500 thousand tonnes per year, which will generate a multiplication of turnover by approximately 10 times, from RON 300 million to almost RON 3 billion. We also expect profits to grow in line with our own terminal, which will be fully operational by the end of this year. The profit increase at approximately RON 80 million will be generated by two additional sources of revenue, specifically the services provided within JT Terminal and the trading activity on JT Grup Oil S.A.”

JT Grup Oil is currently developing JT Terminal, the newest terminal for liquid fuel products at the Black Sea. The investment in this project amounts to €25 million and is fully financed from three sources: private equity, a credit line with Unicredit Bank amounting to €9 million and a large infrastructure grant of €11.5 million.

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