Electrica’s IPO took place between June 16 and June 25.
“Our subscription target was exceeded, as the offer was subscribed by 200%. Following the heavy demand from the retail segment, we have asked the brokers to analyze the possibility to supplement the amount of shares available for retail investors by 5%,” Minister-delegate for Energy Razvan Nicolescu said Thursday.
Electrica offered 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 global depositary receipt, or GDR. Retail investors were offered 15% of the available shares, while the remaining shares and GDRs were up for grabs for corporate investors.
Nicolescu said most of the subscriptions came from Romania, Poland, England and the U.S.
Romania hired a consortium comprising BRD, Citigroup, Raiffeisen Capital&Investment, Societe Generale and Swiss Capital to assist with the sale.