By 1:00 p.m. Friday, the fourth day of the offering, small retail investors subscribed shares worth 279 million lei (EUR62.6 million).
The IPO started Tuesday and is due for completion on October 31. The amount that could be raised ranges between RON1.38 billion and RON1.85 billion.
Small investors have been allotted 15% of the shares the company wants to sell and benefit from a 5% discount of the final price for orders placed by October 28.
The Bucharest Stock Exchange Thursday extended trading hours for the IPO at the request of lender Banca Comerciala Romana (BCR), part of the consortium which brokers the offering. Trading hours for the IPO close at 8:00 p.m. on October 24, 25, 29 and 30, and at 11:30 p.m. on October 28 and 31.
Romgaz has hired a consortium comprising Austria’s Erste Bank AG (EBS.RO) together with its local subsidiary BCR, US bank Goldman Sachs and Raiffeisen Capital & Investment to help with the offering in Bucharest.
Romgaz is Romania’s largest natural gas producer and supplier, covering around 50% of the domestic output. The company produced 5.7 billion cubic meters of gas in 2012. (EUR1=RON4.4537)