SSIF Broker to make 2m-euro IPO

Securities firm SSIF Broker (Cluj-Napoca) is to run an initial public offering (IPO) starting October 25 in a first step towards a listing on the Bucharest Stock Exchange. It could raise as much as 80bn ROL (1.95 million euros) from the shares it will sell to the public, upping its share capital in the process by more than 57.7bn ROL to a total of 231.1bn ROL. SSIF Broker currently has the largest share capital among brokerage companies at over 173.3bn ROL. It is also this year’s top broker in terms of value of share transactions on the Stock Exchange. It will sell more than 5.7 million new shares in the IPO at 15,500 ROL/share against a par value of 10,000 ROL. Company officials say the goal at this stage of development is to boost the company’s value. Achieving this initially requires a shift in business orientation from retail to the corporate segment. The net amounts SSIF Broker will raise from this offering will be used to fund the investment programmes of listed issuers with clear development strategies. ZF