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Allen & Overy, Leroy si Asociatii, and CMS Advise on Purcari Wineries IPO

Allen & Overy, Leroy si Asociatii, and CMS Advise on Purcari Wineries IPO

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RTPR Allen & Overy has advised Purcari Wineries Public Company Limited on its IPO and admission to trading on the Bucharest Stock Exchange under the WINE symbol, with retail investors oversubscribing more than four times over. Leroy si Asociatii advised the IFC on the listing, representing 49% of the Purcari Wineries share capital. The offer was managed by Raiffeisen Bank and Swiss Capital, advised by CMS.

The final offer price was RON 19 per share, valuing the offering at over RON 186 million (USD 50 million). This was the first IPO listing for Purcari Wineries, a Moldovan company that owns four wineries in Romania and Moldova. Its main markets are Romania, Moldova, and Poland.

The company's main shareholders are Lorimer Ventures Limited (owned by the U.S. investment fund Horizon Capital), with 63.5%; Amboselt Universal Inc (owned by Moldovan businessman Victor Bostan), with 30.3%; and the IFC, with 6.41%.

The RTPR Allen & Overy capital markets team was led by Counsel Loredana Chitu (Boeru) and Partner Mihai Ristici, and included capital markets specialists Junior Associates Vlad Druta and Marina Giurgica and a team of corporate lawyers consisting of Counsels Victor Rusu and Roxana Ionescu, Associate Diana Dimitriu, and Junior Associate Cezara Popescu. 

The Leroy si Asociatii team was led by Partner Andreea Toma and included Partner Cristina Togan and Senior Associate Madalina Ivan.

The CMS team involved in the transaction was led by Partner Cristina Reichmann and included Senior Associates Bogdan Vetrici-Soimu and Claudia Popescu, Junior Associates Anca-Diana Ionescu and Andreea Armanu, and US Counsel David Rivera.

Editor's Note: After this article was published Moldovan firm Turcan Cazac reported that it had advised Purcari on its IPO. The firm announced that "we are especially happy that the group pertains to the wine industry - Moldova's traditional pride," and declared its "hope this will serve as a model for other growing Moldovan businesses." The firm's team was led by Partners Alexander Tuceac and Octavian Cazac and included Associates Vadim Taigorba, Ana Galus, Iulia Furtuna, Mariana Stratan, Vladimir Palamarciuc, Olga Savelieva, and Alexander Tuceac.


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