The memo, posted on the Bucharest Stock Exchange, is signed by privatization authority chief Florin Vladan, as well as by representatives of the three brokers, BCR, Intercapital Invest and Swiss Capital.
The secondary public offering to sell 15% in state-owned power grid operator Transelectrica (TEL.RO) was oversubscribed by some 59%, as large investors overshot their target by 45% and small investors subscribed three times their designated target.
The shares put on sale were split into two parts, one for institutional investors (90% of the stake) and one for individual investors (10% of the stake).
The public offering started on March 14 and ended on March 27.
The overall value of orders placed reached RON269 million (EUR61.5 million).
Large investors subscribed shares for a total RON221 million (EUR50.6 million), while small investors subscribed shares for a total RON48 million (EUR10.9 million).
Underwritings were filed at prices that touched the top and bottom prices in the prospectus, namely RON14.9 and RON19.2. Most orders saw prices between RON14.9 and RON16.1.
The Economy Ministry holds 73.68% in Transelectrica, while investment fund Fondul Proprietatea (FP.RO) holds 13.49%.
Transelectrica shares were trading mid-Thursday at RON16.11, up 0.62% on the day. (EUR1=RON4.3788)