The state hopes to raise over EUR400 million in the IPO, which is due for launch in June this year.
By including a global depository receipt (GDR) component for the London Stock Exchange, the government wants to avoid a shortfall of offers as well as a potential drop in the shares’ price after the listing.
This will be Romania’s second dual IPO, following the sale of a 15% stake in state-run natural gas producer Romgaz in late 2013. The country raised EUR391 million in the offer.
Electrica is fully controlled by the state, through the Economy Ministry. The company has a share capital of 2.06 billion lei (EUR461 million).
Romania hired a consortium comprising BRD, Citigroup, Raiffeisen Capital&Investment, Societe Generale and Swiss Capital to assist with the IPO.