Electro-Alfa International Attracts EBRD and NN Pensii as Shareholders
One of the Most Successful Entrepreneurial Listings in Romania
Electro-Alfa International, a company with majority Romanian capital, over 35 years of experience, and one of the leading manufacturers of electrical equipment and solutions for energy infrastructure, announces remarkable results at the end of its Initial Public Offering on the Bucharest Stock Exchange, during which it issued approximately 66 million shares.
Launched on February 2, the offering was closed early on February 6 due to high demand from investors, both in the retail tranche, where oversubscription was over 5800%, and in the institutional investor tranche. Following the IPO, renowned investors such as the European Bank for Reconstruction and Development (EBRD) and NN Pensii became shareholders with a stake of over 5% each, confirming the market’s strong interest in Electro-Alfa International and its long-term development strategy.
The offering was structured in two tranches: one for retail investors and one for institutional investors. In the retail tranche, investors who subscribed in the first four days benefited from a 5% discount, at a price of RON 8.4075/share, while institutional investors’ subscriptions were made at the maximum offering price of RON 8.85/share.
In the public offering, the tranche allocated to retail investors was initially set at 10% of the total shares offered. Given the high level of interest shown, the company decided to supplement it with another 5% so that the final allocation for individual investors reached 15%. The decision reflects Electro-Alfa International’s respect for the interest shown by individual investors and its desire to offer them the opportunity to participate directly in the development of a Romanian entrepreneurial company with a solid history and clear growth prospects.
“For me, the listing of Electro-Alfa International is a moment with a strong emotional charge. More than 30 years ago we set out on our journey with hard work, courage and confidence that we can build something sustainable in Romania. We have grown step by step, together with a dedicated team and partners who have been with us every step of the way. The fact that institutions such as the EBRD and major pension funds such as NN Pensii have chosen to invest in Electro-Alfa International is a strong validation of our journey. At the same time, we are pleased with the confidence of individual investors who have decided to join us. It is a great responsibility, and we will continue to develop the company with the same seriousness, modesty and determination with which we started in 1991,” Gheorghe Ciubotaru, Founder and President of Electro-Alfa International, said.
“Our partnership with Electro-Alfa marks an important milestone in strengthening Romania’s industrial sector and capital market. We are proud to support a company that combines solid engineering expertise with a strong vision for growth, innovation and modernization. This investment reflects our confidence in Electro-Alfa’s management and its long-term strategy, and we look forward to working closely with them as they expand their capabilities, accelerate their research and development agenda, and continue to deliver high-quality solutions for Romania’s critical infrastructure,” Victoria Zinchuk, EBRD Head of Office, Romania, added.
Electro-Alfa International’s market capitalization after the offering amounts to approximately RON 1,700 million, equivalent to USD 390 million or EUR 327 million. Electro-Alfa International shares are to be admitted to trading on the regulated market of the Bucharest Stock Exchange under the symbol EAI, with an estimated start of trading on March 3, 2026.
The funds raised through the IPO will be used to support Electro-Alfa International’s growth strategy, including strategic acquisitions, internal capacity development, investments in energy production and storage, innovation, expansion into foreign markets, and securing the working capital necessary to participate in major projects.
The initial public offering was carried out by SSIF Swiss Capital and UniCredit Bank, acting as Co-Lead Managers, while Clifford Chance Badea law firm provided legal advice throughout the entire process. With this listing, Electro-Alfa International is taking an important strategic step towards consolidating its position on the capital market and accelerating its long-term sustainable development.
