STK Emergent conducts 14m-euro IPO

STK closed-end investment fund, managed by STK Financial, has been given the go-ahead by the National Securities Commission to launch a public offering, with a view to listing on the Stock Exchange. The fund intends to attract 50 million RON (around 14 million euros) in the offering, which is due to start on February 19, according to the offering prospectus. STK Emergent is to offer publicly 25% of the shares it will hold after the offering ends. The price at which they will be sold is 281 RON, above the value of the STK Emergent fund unit valid at the end of January, of 194 RON, according to data from the UNOP (The National Union of Collective Investment Bodies in Romania). The offering will be launched in an unfavourable period for stock exchanges. “This is a bad time for the market, but virtually all offerings conducted so far have occurred in a similar environment. If the conditions were better, we probably could attract more money,” says Nicolae Pascu, general manager of Cluj-based STK Financial, the company that manages the fund.