Tomis Development prepares €40 mln IPO

The Tomis Development real estate developer, based in the Black Sea city of Constanta, plans to launch an initial public offering (IPO) next year in shares or bonds worth €40 million.

The real estate developer hopes to obtain partial financing for several real estate projects worth a total €250-300 mln.

“We will use the public offering and the stock exchange listing to transparently increase the value of our company, and not necessarily for financing, for which we are relying on banks,” said the company’s President, Lucian Orban, for Business Standard.

The listing could be made through an IPO or the acquisition of another already listed company, Orban added.

Tomis Development is currently finalizing a 1,400 apartment residential project, Tomis Plus, following a €90 million investment, and now worth €150 mln. It plans to develop a complex project, including retail area, office space and a hotel on the outskirts of Constanta. Furthermore, several residential projects are scheduled for the next five years.