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Shares in Alumil Rom Industry (ALU) peaked at 9.3 RON yesterday, the first day of trading. Those who had subscribed Alumil shares and December and waited for nearly four months to be able to trade them were able to double their investment yesterday. A total of 3,574,820 shares were sold for prices starting at 8 RON. The overall value of ALU transactions reached 31,163,186 RON.
The trading session was officially opened by Alumil CEO Michail Sotiriou and Alpha Finance GM Stelios Bairactaris. Alpha Finance brokered the Alumil IPO. Raiffeisen Capital & Investment had issued a buy recommendation based on a correct estimate of the capital at 204 million RON, equal to 6.53 RON/share. The 12-month price estimate is 6.89 RON, equal to a roughly 50% increase from the IPO.
Raiffeisen"s buy recommendation is based on Alumil"s being the leading manufacturer of aluminum profiles in the country (37% market share) in the context that the construction industry is booming. Analysts estimate Alumil"s Y2007 revenues at 110 million RON. Alumil is controlled by Alumil Milonas (Greece) with 55.90%, followed by Michail Sotiriou with 23,95%.
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