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 Bistrița (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.