EBRD takes part in IPO with Romania’s Electro-Alfa International

• EBRD invests €16.4 million in Electro Alfa International’s Initial Public Offering
• Deal supports capital market development and Romania’s industrial competitiveness
• Proceeds to fund expansion, research and development and acquisition led growth

The European Bank for Reconstruction and Development (EBRD) has participated in the initial public offering (IPO) of ElectroAlfa International SA (EAI), a leading Romanian provider of advanced electrical engineering solutions for critical infrastructure. The Bank subscribed €16.4 million in newly issued shares, representing a 5 per cent stake in the company. Alfa International SA (EAI), a leading Romanian provider of advanced electrical engineering solutions for critical infrastructure. The Bank subscribed

EAI’s IPO raised a total of €114.7 million and offered 35 per cent of the company’s share capital to the market.

This marks one of the most significant Romanian listings in recent years and is expected to support the deepening of the country’s capital markets, with EAI’s stock anticipated to enter the flagship BET (Bucharest Exchange Trading) index, Romania’s flagship equity index which reflects how the country’s largest and most liquid listed companies are performing.

Founded by Gheorghe Ciubotaru, who will retain majority ownership following the IPO, EAI has over 30 years of operational experience and a strong national footprint. The company operates four modern production facilities in Botoșani, an inhouse research and development centre, and nine offices across Romania. .house research and development centre, and nine offices across Romania, employing around 500 people, including 60 specialised engineers.

The proceeds of the offering will support EAI’s next phase of growth, including capital expenditure and acquisition opportunities aimed at expanding its technological capabilities and operational scale. The investment also advances the company’s research and development agenda, with €10 million earmarked specifically for research and development activities that will help EAI deliver performance above current industry standards.

“Our equity investment in Electro‑Alfa reflects the EBRD’s strong commitment to deepening Romania’s capital markets and supporting high‑quality local champions. We value our cooperation with EAI and are proud to back a company whose leadership, expertise and long‑term vision will drive innovation and strengthen critical infrastructure across the country,” said Frederic Lucenet, EBRD Global Head of Manufacturing and Services.

“Working with Electro‑Alfa has been a truly collaborative partnership built on shared ambition for sustainable growth. By supporting the company’s expansion and research and development plans, we are helping accelerate its technological progress and competitiveness, while reinforcing our role as a long‑term partner to Romanian industry,” said Victoria Zinchuk, EBRD Head of Romania.

By helping a Romanian small-cap company access the public markets, the EBRD is supporting the development and diversification of local capital market instruments. At the same time, the investment will enhance the company’s competitiveness through improved operational standards, innovation capacity and strengthened corporate governance.

The Bank will continue to work closely with EAI and market partners to foster private sector development and deepen investor confidence in Romania’s capital market potential.

This transaction reinforces the EBRD’s longstanding commitment to Romania and its ambition to support high growth companies that contribute to the modernisation of national infrastructure and the resilience of key industries. To date, the EBRD has invested almost €12.4 billion in 588 projects in Romania.