The London-traded GDRs covered one third of the stake on offer, of 4.99%.
Fondul Proprietatea raised 644.6 million lei ($198.6 million) at the offering. Romgaz’s shares were priced at RON33.5 per share and at $10.32 per GDR.
Following the transaction, Fondul Proprietatea’s stake in Romgaz fell to 10.01%. Romgaz is majority owned by the Economy Ministry.
Goldman Sachs International acted as the sole bookrunner for the transaction, while Erste Group Bank AG acted as joint lead manager.