Vienna/Banja Luka – Horizonte Venture Management (Horizonte) is pleased to announce that its portfolio company FRATELLO TRADE a.d., Banja Luka, (website: www.fratello-trade.com) has completed its initial public offering (IPO) – the first IPO ever in Bosnia and Herzegovina – of newly issued common stock on the Banja Luka Stock Exchange successfully.
The company issued 216.027 new shares in an initial public offering in Bosnia and Herzegovina and through private placements to a number of investors in other jurisdictions. The price of the offer was set at BAM 4,- (€ 2.05) per share and the company was able to raise a total capital of approximately € 442k. The public trading of the shares is scheduled to start on the B market segment of the Banja Luka Stock Exchange at the end of January 2009.
FRATELLO TRADE a.d. specializes in the trade, packing and distribution of frozen fish and fish related products, frozen fruits, vegetables, ice cream, conserved fish, olives and olive oil with a distribution network in Bosnia and Herzegovina, Serbia and Montenegro. FRATELLO TRADE a.d. is the second largest fish distributor in Bosnia and Herzegovina and Montenegro and the largest exporter of frozen fish and fish products from Bosnia and Herzegovina to Serbia and Montenegro. In Serbia FRATELLO TRADE a.d. is among the leading five companies in this industry.
FRATELLO TRADE a.d. intends to use the net proceeds of this offering for the further expansion of its business including investments into its storage capacities, working capital and potential acquisition of a company in Montenegro. In the year 2007 the company had net sales of € 5.6 million and the company plans to increase its sales in the year 2013 to € 12.6 million. FRATELLO TRADE a.d. has the goal to become the leading company in the distribution of frozen sea fish and seafood in Bosnia and Herzegovina and Montenegro and to be among the leading three companies in this industry in Serbia.
FRATELLO TRADE a.d. is certified under the ISO 900:2000 and HACCP standards.
Advantis Broker a.d. (website: www.advantisbroker.com), Banja Luka, has acted as underwriter, coordinator and bookrunner of the IPO.
Dr. Alfred Matzka, Managing Partner of Horizonte Venture Management, commented on the listing: “We consider the successful completion of FRATELLO’s IPO, which has received strong support from IFC as well as from local authorities as the first IPO ever in Bosnia and Herzegovina, an important milestone for the company and for the region in terms of development of the local capital markets. We are proud that we have again participated in a pioneering effort in the region.”
More information on the IPO can be found under the following weblink: