The announcement for the IPO will be made in two weeks, says Gabriel Dumitrascu, the man who supervises the privatization efforts on behalf of the government.
Expectations are that Electrica’s will be the largest IPO on the local capital market, beating Romgaz’s, which raised EUR390 million from investors in 2013. Electrica’s annual consolidated revenue stands at more than 5.5 billion lei (EUR1.24 billion).
“We are nearing the end of the preparations for Electrica’s offering, we are working on the prospectus, the offering structure, tranche allocations. We will make an announcement about its listing in two weeks, by the end of the month,” Gabriel Dumitrascu, head of the privatization division of the Department for Energy told ZF.
No clear date for the start of the IPO has been announced yet. The exact time depends on how long it will take the Financial Supervisory Authority (ASF) to approve the issue prospectus and the government to approve a decision setting the price of the IPO, the tranche allocation and other technical details. Electrica’s IPO will start three or four days from the approval of the prospectus by the ASF, Dumitrascu said.
The government promised the International Monetary Fund to have three companies listed this year: Electrica, Complexul Energetic Oltenia and Hidroelectrica. Hidroelectrica, however, relapsed into insolvency so its floatation might be postponed until 2015.
(English version by Loredana Fratila-Cristescu)