The offer, through which NEPI plans to sell between 800,000 and 1.6 million ordinary shares, will end April 26.
NEPI proposed a price of RON13.99 a share and said it will use the proceeds to facilitate the acquisition of further operating assets and developments.
NEPI was most recently traded in Bucharest on March 22, at RON14.3 a share.
NEPI is the first property fund listed on the Bucharest bourse, on a dedicated segment for real estate investment trusts (REITs). The fund is also listed in Johannesburg and London.
The fund owns 33 properties, most of them in Romania. (EUR1=RON4.3745)