21 Nov 2023 16:52

EuroTrans, owner of Trassa gas station chain, attracts 13.5-bln rubles during IPO

MOSCOW. Nov 21 (Interfax) - The EuroTrans group of companies, which owns the Trassa gas station chain in Moscow and the Moscow region, raised about 13.5 billion rubles during its IPO, resulting in a market capitalization of 40 billion rubles, the company's press service said.

The IPO was conducted by collecting over-the-counter and exchange applications. The application period ended on November 20, 2023. During the IPO, about 20,000 investors became shareholders in the company. "The funds raised by the issuer through the additional issue of shares came to approximately 13.5 billion rubles. As a result of the IPO, the company's market capitalization at the start of trading will be 40 billion rubles," the press release says.

The EuroTrans IPO price was 250 rubles per share.

Trading in EuroTrans shares on the MOEX begins on Tuesday. The company's securities are included in the "First Level" section of the list of securities admitted to trading with the ticker EUTR and ISIN RU000A1002V2.

"The main shareholders of EuroTrans PJSC took advantage of the preemptive right and, as part of an additional issue, acquired shares worth 1.2 billion rubles. In addition, the issuer's subsidiary, Trassa GSM LLC, acquired shares worth about 1 billion rubles in order to use these shares for execution obligations under share purchase and sale agreements, which will be concluded by accepting irrevocable offer A001 (an offer for the additional purchase of shares). The remaining 11.3 billion rubles were raised from a wide range of individuals and legal entities," EuroTrans said.

The company plans to use the funds raised during the IPO to implement an investment program: about 10 billion rubles will be allocated for the construction of new, and the reconstruction of existing gas stations in order to launch a chain of universal gas stations with fast electric charging stations (ECS) with a capacity of at least 150 kW, gas filling stations, and sales of traditional diesel fuel and gasoline. The rest of the funds raised are planned to be used for the early purchase of gas stations currently under lease.

As reported, EuroTrans ranks second in terms of sales among independent gas station network operators in Moscow and Moscow region. The company owns 54 Trassa gas station complexes, 41 fuel tankers, an oil depot, a windshield washer fluid production plant, and a commissary for the production of food products for its own cafes, as well as four restaurants with an area of 800 sq. m each.

The shareholders in EuroTrans are Igor Martyshov (65%), Nikolay Doroshenko (15%), Sergey Alekseenkov (15%) and Oleg Alekseenkov (5%).

At the end of 2022, the fuel group's revenue was 61.9 billion rubles, which is 26.5% higher than in 2021, while EBITDA doubled to 6.5 billion rubles and net profit tripled to 1.7 billion rubles. Previously, the company predicted its revenue would increase to 85.7 billion rubles by 2025, and its net debt/EBITDA ratio would be 1.3x.