IPO Overview – Electro-Alfa International
| Issuer: | Electro-Alfa International (“Electroalfa”) www.electroalfa.ro |
| Bloomberg Symbol: | EAI RO EQUITY |
| ISIN: | RO249YW1FZP5 |
| Offering Type: | Initial Public Offering |
| Securities Sold: | Newly issued ordinary shares (the “Shares”) |
| Listing: | Bucharest Stock Exchange |
| Incorporation: | Romania |
| Industry: | Electrical Power Equipment |
| Price Range: | 8.35 -8.85 RON/ SH |
| Offering Size: | Up to 65,990,507 newly issued shares (representing approximately 35% of the Company’s issued share capital following the Offering) |
| Implied Market Cap Post-IPO at top or price range: | 1,668.62mn RON 390.1mn USD 327.4mn EUR |
| Stabilisation Program | 30 days after trading start |
| Implied Free Float % TSO: | 35% |
| Primary / Secondary: | 100% primary offering |
| Use of Proceeds: | Net proceeds will be received by the Company and used for growth investments, capex, M&A and general corporate purposes. |
| Existing Shareholders: | Gheorghe Ciubotaru (80%) Electro-Alfa Management(20%) |
| Selling Shareholder: | Electro-Alfa International SA |
| Lock-up: | 180 days for existing shareholders; 365 days for Electro-Alfa International SA after listing |
| Selling Restrictions: | Public offering addressed to retail and institutional investors in Romania only, pursuant to an approved prospectus. No offer or sale will be made in the United States, Canada, Australia, Japan or any other jurisdiction where such offer would be unlawful. |
| Joint Global Coordinators: | Swiss Capital S.A. and UniCredit Bank S.A. |
| Offer Period: | 2-11 February 2026 (8 Trading days) |
| Allocation Date: | 12 February 2026 |
| Trade Date: | 13 February 2026 |
| Settlement Date: | 17 February 2026 |
| Listing Date | March 2026 |
| MIFID II Target market: | Retail, professional clients and eligible counterparties |
| IPO Tranches: | 90% – institutional investors 10% – retail tranche |
| Settlement | Settlement of the Offer Shares will be carried out in accordance with the rules of the Bucharest Stock Exchange (BVB) and the Romanian Central Depository. Investors must hold a valid securities account with a local custodian or broker participating in the Romanian market to place valid orders and receive the Offer Shares. Cash settlement and delivery of the Offer Shares will be performed through the Romanian Central Depository, as further detailed in the Prospectus. Any costs and fees related to settlement will be borne by investors, in accordance with the applicable rules of the intermediaries and the Central Depository. Additional costs may apply in case of failed or delayed settlement, as set out in the Prospectus and applicable regulations. |
| About Electro – Alfa International | Electro-Alfa International, a leading Romanian player in the electrical equipment manufacturing and energy infrastructure services, operates primarily in Romania, with a growing international footprint, through an integrated business model covering the entire value chain, from design and manufacturing to engineering, procurement and construction (EPC) and maintenance services. The Group is active across key business segments including low- and medium-voltage electrical equipment, energy infrastructure projects, industrial electrification and complex EPC solutions for utilities, industrial clients and public authorities. Electro-Alfa serves a diversified customer base and benefits from long-standing partnerships with leading global technology providers such as Siemens, ABB, Schneider Electric and Hitachi Energy; Electro-Alfa entered a JV with SGB-SMIT to manufacture distribution transformers, delivering its first units in September 2025. Electro-Alfa International is strategically positioned to benefit from the long-term electrification and energy transition trends, supported by significant investments in power grids, renewable energy, industrial modernization and infrastructure development. FY2025 Estimated Results: Electro-Alfa 2025 estimated Revenues of ~RON 827 million, +27% y/y, EBITDA of ~RON 113.5 million, +45.7% y/y, and Profit Before Tax of ~RON 100 million, +54% y/y, reflecting strong profitability and a clear growth trajectory. To accelerate its development, the company is launching a primary IPO targeting an estimated ~35% free float post-offer, alongside ~EUR 103 million of planned investments for 2026–2028,not -including potential BESS, focused on capacity expansion, strategic acquisitions, and energy infrastructure projects, including nuclear and railway, as well as regional and Western European expansion. Key acquisitions and strategic investments immediately after IPO: 99.9% of Elcomex IEA S.A. – EPC contractor specialized in high-voltage and nuclear-related projects, holding CNCAN authorizations and strong positioning in Romania’s nuclear and energy infrastructure programs 51% of Spiact Craiova S.A. – provider of railway signaling and automation solutions, with long-term contracts and solid backlog in rail infrastructure 33% of Electroalfa CM SRL – manufacturer of custom metal fabrications, delivering complete solutions from design and engineering to production and finishing, tailored to the specific requirements of each customer |
Read more in the IPO Prospectus
