“The EBRD Board of Directors has approved an equity investment in Romania’s partial sell-off of its shares in Romgaz S.A. through an initial public offering. The EBRD will acquire a 1.9% stake,” EBRD said.
“The purpose of the project is to assist Romgaz in its efforts to improve its corporate governance, internal control systems and environmental management practices.”
Additionally, the floating of Romgaz through the largest IPO on the Romanian capital market to-date is a test case for future listings envisaged by the Government of Romania for 2014 as part of its program of partial sell-off of state-owned companies, EBRD said.
Romania raised RON1.7 billion (EUR383 million) at a public offering of 15% in Romgaz ended October 31. The shares will be dual listed on the Bucharest Stock Exchange and on the London Stock Exchange through global depository receipts (GDRs).
The offer was priced at RON30 a share and $9.25 a GDR, close to the high end of the target range of RON24 to RON32 a share and $7.38 to $9.84 a GDR, respectively. (EUR1=RON4.4422)