BCR proposes trading should close at 8:00 p.m. on October 24, 25 and 29, and at 11:30 p.m. on October 28 and 31, instead of 2:30 p.m..
The IPO started Tuesday and is due for completion on October 31. The amount that could be raised ranges between RON1.38 billion and RON1.85 billion.
Romgaz has hired a consortium comprising Austria’s Erste Bank AG (EBS.RO) together with its local subsidiary BCR, US bank Goldman Sachs and Raiffeisen Capital & Investment to help with the offering in Bucharest.
The IPO includes three separate packages for corporate and retail investors, with small retail investors benefiting from a discount of 3% to 5% of the final price, depending on the subscription date.
Romgaz is Romania’s largest natural gas producer and supplier, covering around 50% of the domestic output. The company produced 5.7 billion cubic meters of gas in 2012.
Romgaz is majority owned by the Energy Department. The company reported a net profit of 1.24 billion lei (EUR281 million) in 2012, up 20% on the year, on total sales of RON3.84 billion. (EUR1=RON4.4378)