Small retail investors subscribed over 60% of the stock available in their segment during the first day of Electrica’s IPO.
Electrica is offering 177.18 million shares at a price range of 11 to 13.5 lei (EUR2.5 to EUR3.07) per share and at $13.55 to $16.63 per GDR. Large retail investors are offered 8% of the available shares, while the remaining shares and GDRs are up for grabs for corporate investors. At that price range, Electrica’s 51% stake on offer is valued at RON1.95 billion to RON2.39 billion (EUR443.3 million to EUR544.1 million).
Minister-delegate for Energy Razvan Nicolaescu said last week that the government hopes to raise at least EUR435 million at the offering. The offering will be considered successful if all shares are subscribed.
The Bucharest bourse’s main index BET was down 53.32 points, or 0.77%, at 6.861,44, while composite index BET-C closed down 0.56% to 3.366,14.
BET-FI, which tracks investment fund Fondul Proprietatea and the five regional investment funds SIFs, rose 0.13% on the day, at 28.436,02, with Proprietatea losing 0.49%, at RON0.809 a share, and the SIFs closing mixed.
Bucharest benchmark index BET-BK finished the session at 1.238,08, down 0.28% on the day, while energy stocks tracker BET-NG fell 0.28% to 678.19
The wider BET-XT closed at 612.83, down 0.55% on the day.
The bourse’s liquidity reached 10.4 million lei (EUR2.3 million) and was fueled mainly by transfers with the shares of Fondul Proprietatea (FP.RO), Transgaz (TGN.RO), SIF Moldova (SIF2.RO) and Romgaz (SNG.RO). (EUR1=RON4.3993)