Romanian state-run electricity distributor and supplier Electrica SA has set a price range for its planned initial public offering in Bucharest and London at 11 to 13.5 lei (EUR2.5 to EUR3.07) per share, minister delegate for Energy Razvan Nicolescu said Wednesday.
At these prices, Electrica’s 51% stake on offer is valued at RON1.95 billion to RON2.39 billion (EUR443.3 million to EUR544.1 million).
Nicolaescu said the government hopes to raise at least EUR435 million at the offering, which will also include a global depositary receipt (GDR) component for the London Stock Exchange.
The Bucharest bourse’s main index BET was up 32.20 points, or 0.48%, at 6.778,60, while composite index BET-C closed up 0.23% to 3.343,67.
BET-FI, which tracks Fondul Proprietatea (FP.RO) and the five regional investment funds SIFs, gained 0.11% on the day, at 28.346,59.
Bucharest benchmark index BET-BK finished the session at 1.225,48, up 0.27% on the day, while energy stocks tracker BET-NG rose 0.44% to 670.29.
The wider BET-XT closed at 606.32, up 0.4% on the day.
Overall trading reached 53.73 million lei (EUR12.22 million), down from RON60.86 million Tuesday.
Top-traded stocks included Fondul Proprietatea, SIF Transilvania (SIF3.RO), Banca Transilvania (TLV.RO), OMV Petrom (SNP.RO), Romgaz (SNG.RO). (EUR1=RON4.3960)