According to Filipidescu, the division he runs will broker two or three listings of private companies next year.
Last year, Filipidescu was involved in the secondary public offering for 15% in Transelectrica. Currently he is brokering a EUR600 million offering at gas producer Romgaz. BCR is part of the consortium made up of Erste, Goldman Sachs and Raiffeisen Capital & Investment, which will broker the sale of 15% in Romgaz.
BCR is also working alongside Intercapital Invest to broker the initial public offering conducted by construction materials producer AdePlast.
The listings of Romgaz and AdePlast are the largest bourse transactions to be conducted by the end of this year.
AdePlast plans to sell 16.5 million shares, or 33% of its share capital, and hopes to attract between EUR13 million and EUR15 million. The public offering will take place between October 2 and October 15.
“This is a good context for stock exchange listing. On the local market the public offerings of state-owned companies have created a good timing and internationally things have settled down somewhat. Our target is to intermediate two-three listings of private companies in 2014 and if five other consultants set themselves similar objectives, I think the bourse could have more listings in a year than it has done so far,” Filipidescu says.
The secondary share sale offering at Transgaz took place in April. Through that offering, the state attracted around EUR70 million, while on September 20 the IPO at Nuclearelectrica was concluded. The energy producer collected EUR63 million by selling 10% in the company. Although the state has sold on the bourse stakes in companies it controls, no private company has so far ventured to resort to the stock exchange for capital since 2008. AdePlast will be the first company to break the ice and come out with a share offering on the bourse, after Teraplast Bistrita (TRP.RO) in April 2008.
“AdePlast sought to get listed back in 2008, but the crisis postponed its plans. Now the company wants to get listed because it wants to take advantage of market opportunities, make a greenfield investment and needs capital,” the banker also says.
But the listing of Romgaz is by far the most awaited one. The state will put up for sale 15% in Romgaz to stock exchange investors, for which it expects to collect EUR600 million. So the Romgaz listing will be the largest on the Bucharest bourse.
But in order to make sure the Romgaz offering will be successfully concluded, the state also considering selling part of its shares on a foreign exchange, saying there is not enough demand on the Bucharest bourse.
The consortium in charge of brokering the Romgaz listing includes BCR and proposed to the state that the offering to sell 15% in Romgaz should target both the Bucharest bourse and the London bourse, the latter through global depository receipts.
Asked about the maximum size of a share offering that the Bucharest bourse could absorb on its own, Filipidescu says a share offering of up to EUR100-EUR150 million can find demand exclusively on the Bucharest bourse.
(English version by Daniela Stoican)