Romania’s Fondul Proprietatea is backing a major plan to list the Bucharest Airports National Company (CNAB) on the Bucharest Stock Exchange . FP, which currently holds a 20 percent stake in CNAB, argues that a public offering could raise around €500 millionfunds that would help finance a sorely needed new terminal at Henri Coandă International Airport.
Why the IPO Is Important for Airport Infrastructure
The proposed IPO could mark a turning point for Bucharest’s capital market and its aviation infrastructure. According to FP, the new capital would significantly bolster CNAB’s investment capacity. While the state would remain the majority shareholder after the IPO, the fresh funds would enable CNAB to move forward with the construction of a large-scale terminal project.
This development comes amid broader modernization efforts at Henri Coandă Airport. The National Airport Company (CNAB) recently launched a tender for the design of the new terminal and related infrastructure, signaling a serious commitment to expansion.
Governance Reforms Under the Spotlight
In a statement tied to its IPO push, Fondul Proprietatea also highlighted the need for stronger corporate governance at CNAB. Specifically, FP is calling for the appointment of a financial auditor with deep capital-market experience an essential step before any public listing.
FP’s leadership is also pushing for more transparency in CNAB’s management. In preparation for an IPO, the fund has asked for a resumption of the auditor selection process and raised concerns over recent proposals that could weaken minority shareholder rights.
Financing the New Terminal Is €500M Enough?
The target raised from the IPO €500 million is intended to finance a significant portion of the planned terminal’s costs. Some earlier projections for the terminal’s total investment reach €818.5 million, which means the IPO could cover a large share but not necessarily all of it.
This terminal upgrade is not just about capacity. According to CNAB, recent works to modernize existing terminals cost around €22 million, funded internally. The IPO proceeds could bring scale to that modernization, helping to accelerate the terminal project’s timeline and bring in private-market discipline.
Risks and Challenges Ahead
While the IPO proposal has been received positively by many investors, several hurdles remain. Governance concerns loom large, and FP’s push for a highly qualified auditor reflects broader questions about how ready CNAB is for public scrutiny.
There’s also the capital market risk. For FP, listing CNAB is not just about raising money it’s about maturation. A successful IPO could improve CNAB’s operational efficiency and public accountability, but failure to execute could reflect poorly on both CNAB and the Romanian capital markets more broadly.
