Romanian construction materials producer Adeplast failed to sell a 33 percent stake in an initial public offering on the Bucharest bourse, for which it was hoping to raise between 13 and 15 million euros ($20 million). "The public offering for shares in Adeplast ... was not completed successfully as it did not get the minimum amount of subscriptions," brokerage Intercapital Invest, one of the advisers in the IPO, said on its website.
Founded in 1996, Adeplast has nine plants in Romania and recorded a net profit of 16.2 million lei ($4.91 million) last year, more than double compared with 2011.
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