Both the institutional and retail tranches were oversubscribed, prompting the company and brokers to stop subscriptions at the end of the trading session on February 6, according to information published by the Bucharest Stock Exchange. There are orders for 383 million shares on the retail tranche, worth RON3.4 billion.
The greatest pressure came from retail investors. Preliminary estimates indicate an oversubscription of approximately 5,800% on this tranche, which means that demand exceeded the number of shares allocated to small investors by almost 60 times. In such cases, the allocation is made on a pro-rata basis, and investors receive only a fraction of the subscribed securities.
The offering began on February 2, based on the prospectus approved by the Financial Supervisory Authority, and the decision to close early was made together with the brokers of the operation, Swiss Capital and UniCredit Bank.
Next on the agenda is to announce the allocations and the pro-rata factor on February 9, complete the transaction on February 10, and settle on February 12. The actual listing of the shares under the stock symbol EAI on the main market of the Bucharest Stock Exchange is expected for early March.
(English version by Loredana Fratila-Cristescu)