The price set in the end stood at RON104 per share.
Buyers included thousands of retail investors, but also major investors of Romania and abroad.
The fund thus sold the pearl of its portfolio, which accounted for almost 80% in its net asset and which it had held since 2005.
Investors thus added to their portfolio a company with a valuation of 9.5 times the net profit of the past 12 months and that has pledged to have a lavish dividend policy.
However, as Hidroelectrica is a state-owned company, the highest risk is related to government intervention as the electricity sector is tightly regulated.
The company’s launch on the capital market will take place on July 12 and at an expected valuation of RON47 billion on the basis of the final RON104/share price the company in which the Romanian state holds 80% is readying to enter trading at a multiple of 4.55 times the turnover of the past 12 months, in line with ZF calculations.
“I am looking forward to meeting the new shareholders,” said Bogdan Badea, chief executive officer of Hidroelectrica.
(English version by Catalina Apostoiu)