Aluminium profile manufacturer Alumil Rom Industry, the branch of the Greek group Alumil, is set to float 20% on the Bucharest Stock Exchange by an initial public offering to be run in the next few weeks. Alpha Finance, the securities firm of Alpha Bank, will broker the IPO, through which the company could raise around 10 million euros from the market, with investors to be offered more than 6 million new shares. The National Securities Commission (CNVM) last week approved a preliminary prospectus of the IPO, which will be presented to investors in order to establish the sale price of the shares. "If everything goes according to plan, the offering will be held in mid November," stated Marian Dinu, chairman of Alpha Finance. The representatives of Alumil could not be reached for comment on the public offering. Alumil made 79.3 million RON (22 million euros) in turnover last year, according to the Finance Ministry data, up 85 from the previous year, and 9.5 million RON (2.6 million euros) in profit, 50% more than in 2004. The Greek Alumil group specialises in processing aluminium and is a 200 million-euro business. The group, which is listed on the Athens Stock Exchange, posted 2.6 million-euro net profit, against 109 million-euro turnover in the first six months of the year. Other than Romania, Alumil has branches in Albania, Egypt, Macedonia, Moldova, Serbia, Poland, Ukraine and Hungary. It owns 70% in Alumil Rom Industry, with the remaining 30% held by the manager of the domestic branch, Michail Sotiriou.
