By 5:00 pm local time, small investors have purchased 7.633 million shares out of the 12.403 million shares available. Small investors benefit from a 5% discount for the shares purchased during the first five days of the IPO, which includes a global depository recipient (GDR) component and is due for completion on June 25.
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.