Small investors placed 1,636 orders for approximately 6 million shares by 05:00 p.m..
The IPO was oversubscribed Tuesday morning , when small investors subscribed 15% more shares than they are offered. They allotted 43.7 million lei (EUR9.7 million) and placed 795 orders for 2.9 million shares by 11:25.
They may subscribe 10% of the 25.3 million new shares the company wants to sell at an IPO which takes place between September 9 and September 20.
Small investors may subscribe shares only at a price of 15 lei (EUR3.35) per unit but benefit from discounts of 8% (for shares subscribed in the first three days of the IPO) and 3% (for shares subscribed starting with the fourth day).
Discounts will apply for small investors subscribing between 100 and 15,000 shares, while retail investors which subscribe more than 15,000 shares and corporate investors will pay the price set at the end of the offer.
The offer goes in three separate packages. Corporate investors will be able to subscribe 85% of the shares at prices ranging between RON11.2 and RON15 per share, and large retail investors will be able to subscribe 5% of the shares (on this segment only 15% of the available shares were subscribed after the first five hours of reading).
Large retail investors subscribed 198,600 shares by 11:25 a.m., or about 16% of shares made available on this segment.
Nucleareletrica is majority owned by the Economy Ministry, with a 90.27% stake, while investment fund Fondul Proprietatea (FP.RO) holds the remaining shares.
Following the IPO, the state’s stake in the company will fall to 81.28% (if Proprietatea participates in increasing Nucleareletrica’s share capital) or to 82.07% (if Proprietatea does not participate in the capital increase).
If Fondul Proprietatea buys the shares it is entitle to under a right of pre-emption, it will hold 9.73% in the company. If it does not buy shares, its stake in Nuclearelectrica will fall to 8.84%.
Brokerage house Tradeville set the 12-month target price for the shares of Nuclearelectrica at 12.17 lei (EUR2.7) per unit. (EUR1=RON4.4653)