Mirela Ionescu, managing director of Raiffeisen Bank, said GDR subscriptions totaled 19% of Electrica’s stock on offer.
Each GDR represents four Electrica shares. The GDRs will be traded in London as of July 4.
Electrica raised 1.95 billion lei (EUR444.3 million) in its initial public offering of 51% of its shares, the largest IPO on the Romanian capital market to date. The company sold 177.18 million shares and GDRs at RON11 a share and $13.66 a GDR, respectively.
A consortium comprising BRD, Citigroup, Raiffeisen Capital&Investment, Societe Generale and Swiss Capital assisted with Electrica’s offering, which took place between June 16 and June 25.