Digi loses IPO pop as CEO is investigated

By Aidan Gregory
18 May 2017

Shares in Digi Communications, the recently listed Romanian telecoms and media group, closed below its IPO price on Thursday, after it confirmed on Wednesday that its CEO Serghei Bulgac had been included in a bribery and money laundering investigation that had already involved two senior executives and a former CEO.

Digi, which had risen 3% on Tuesday on its first day of trading, closed at Lei39.50 on Wednesday, below the Lei40 IPO offer price, giving it a market cap of Lei3.95bn (€870m). It slipped further to Lei39 on Thursday.

The company, controlled by its founder Zoltán Teszári, said it ...

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