Trading hours for the IPO will be extended until 8:00 p.m. on October 24, 25, 29 and 30, and until 11:30 p.m. on October 28 and 31.
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=RON4.4508)