The minimum price will be announced during the offer, and it will be calculated based on the prices offered by investors in subscription orders, according to the offer documents published Thursday.
Petrom shares closed Wednesday at RON0.398.
The offer will unfold over two weeks, until July 22.
“The offer will be considered successful if 80% of shares are subscribed, at a price determined in compliance with the prospectus,” the offer documents showed.
Romania’s securities commission CNVM approved the sale prospectus on Wednesday evening.
The shares will be allotted in two tranches: 85% for corporate investors and 15% for retail investors.
Should one of the tranches be insufficiently subscribed, the shares left unsubscribed will be moved to the other tranche, according to the announcement.
Investors may subscribe a minimum of 3,000 shares.
Should the entire stake be sold at the maximum price, the government stands to collect RON2.564 billion (EUR610 million).
Petrom secondary sale offer is the largest offer unfolded on the Bucharest bourse so far.
The operation is brokered by a consortium formed of Russian investment bank Renaissance Capital, and Romanian brokerage firms BT Securities, Romcapital and EFG Securities.
OMV Petrom is 51%-owned by Austrian OMV, which recently announced it wouldn’t participate in the secondary public offering.
The company has a market value of RON22.544 billion, calculated on the latest stock market price of its shares. (EUR1=RON4.2022)