Graffiti Plus becomes first communication agency listed on Bucharest Stock Exchange

Graffiti Plus (BVB: GRF+), one of the leading communication and brand marketing consultancies in Romania, debuted on Thursday, July 16, on the AeRO market of the Bucharest Stock Exchange.

The company was able to tap non-repayable funds provided through the National Recovery and Resilience Plan (PNRR) to cover the costs of the listing process.

The listing was celebrated with an event held at the BVB headquarters in Bucharest. The moment was attended by Romanian officials and company representatives.

“This is the model we want to develop: public resources mobilizing private investment. I am pleased to see that more Romanian companies understand that long-term development also means transparency, corporate governance, and a solid relationship with investors. This is a positive signal both for the capital market and for the Romanian economy,” stated Dragos Pislaru, minister of investments and European projects.

“It is the first time the Romanian communication industry reaches the stock exchange, and the significance goes beyond the premiere itself: unlike traditional sectors with tangible assets, the primary resources in the creative industry are people, ideas, and reputation. For such a company, the stock exchange becomes the natural channel for financing,” stated Remus Vulpescu, CEO of the Bucharest Stock Exchange. He also underlined the help provided by the EU through the PNRR funds.

Graffiti Plus CEO Irina Ciocan-Stanescu said that the company has validated growth verticals, integrated technology in its workflow, and the capital to accelerate operations, thanks to the IPO.

According to the evaluation report prepared at the end of 2025, the company's market value was estimated in the range of EUR 8.02 million using the market comparison method (market multiples) – EUR 9.92 million using the discounted cash flow (DCF) method. This range served as the foundation for setting the offer price in the private placement conducted in January 2026, during which 2.2 million shares were subscribed, representing 8.14% of the company's share capital following the capital increase. A 20% discount was applied exclusively for subscriptions during the first 3 days of the placement to reward investors who chose to support GRF's growth from the private placement stage.

The private placement and the listing of GRF shares were executed with the support of Goldring, acting as Authorized Advisor.

GRF+ will use the capital raised through the listing to accelerate three high-growth-potential business verticals: data-driven influencer marketing, sports & sponsorship, and pharma & healthcare communication, as well as to integrate AI technology across three key tiers: AI for productivity, institutional AI, and AI-enhanced advisory.

The shareholding structure of GRF+ consists of Catalin Chis, Board Member and principal shareholder, holding a 41.12% stake; Bogdan Tomoiaga, Chairman of the Board of Directors, holding 17.60%; Irina Ciocan-Stanescu, Executive Director, with 17.57%; Diana Tobosaru, holding 8.01% of the shares; Loredana Butacu-Ianus, Managing Partner & Head of Product, holding 2.81%; individual investors holding 11.56% of the shares, and institutional investors holding 1.33%.

The company boasts 25 years of activity and a roughly 14% market share. 

For 2025, Graffiti Plus reported total revenues of RON 64.7 million, up 36% compared to 2024, while net profit grew by 14% in 2025 year-over-year, reaching RON 2.8 million. The GRF+ portfolio covers industries such as technology, retail, pharma & healthcare, FMCG, banking & financial services, energy, and beauty.

On the first day of trading, GRF+ shares jumped 21%.

radu@romania-insider.com

(Photo source: BVB press release) ...