Purcari Wineries, which owns wineries in Romania and Moldova, has raised RON186.2 million (approximately US$49 million) in an IPO on the Bucharest Stock Exchange at a price of RON19 (approximately US$5) per share. Horizon Capital, a private equity fund manager that focuses on investments in mid-cap companies in Ukraine and the neighboring region, sold a 41 percent stake in the offering and retains a 23 percent stake in the company. Horizon, which originally invested in Purcari through Emerging Europe Growth Fund II, reportedly generated a gross cash-on-cash return multiple of 3.2x.