Transgaz’s secondary offering was launched April 4 and is due for completion April 16. The offering was priced at RON171 to RON230 a share (EUR38.77 to EUR52.15).
At around 1:30 pm Tuesday, Transgaz traded up 0.25% on the day at RON199.5 a share.
Of the total 1.77 million shares offered for subscription, 7% were allocated to small investors (who underwrite between 10 and 1,000 shares), 8% to large retail investors while the remaining shares are reserved to institutional investors.
The small investors were attracted by a 5% discount offered in the first three days of the SPO. Subscriptions in the segment have reached so far 84.5 million lei (EUR19.1 million).
Large retail investors subscribed so far 53% of the available shares in the segment. Their bids amount to RON17.2 million (EUR3.9 million).
Market participants said large retail investors and institutional investors are likely to place most of their bids in the last days of the offering. The level of subscriptions made by corporate investors will not be disclosed until the offering is closed.
Transgaz is 73.5%-owned by the Finance Ministry, while investment fund Fondul Proprietatea has almost 15% of its shares.
The ministry hopes to raise between RON302 million and RON405.5 million at the secondary offering and has hired a consortium comprising Raiffeisen Capital & Investment, BT Securities and Czech brokerage Wood& Co to assist with the sale.
Transgaz had an IPO of 10% of its shares in November-December 2007, which was priced at RON191.92 a share. The RON226 million offer was oversubscribed nearly 28 times to a record RON6.3 billion.