Lazard Freres and Deloitte Consultancy had previously signed up to provide equity advisory services in view of Hidroelectrica’s IPO.
“Today, we have a complete team of consultants to join us in the process of listing Hidoelectrica on the stock market, and, at the end of this phase, we shall contract the services of a licensed broker or a listing consortium in view of carrying out the IPO. We proposed shareholders an updated investment strategy which entails the implementation of projects worth RON26 billion until 2030. The proceeds from the IPO will certainly contribute to speeding up the company’s growth rate, being one of the essential financing sources for Hidroelectrica’s planned investments in the coming period. We want Hidroelectrica to be the main pillar the national energy system can rely on in its transition to a clean energy, as stipulated in the European Climate Pact – Green Deal”, said Bogdan Badea, Chairman of Hidroelectrica Board of Directors.
Badea also said “the opportune moment for the planned listing is to be set at a later date, so that the listing should bring maximum benefits to the company’s shareholders”.
The company is unlikely to go ahead with an IPO this year and a longer period of restrictions due to the coronavirus pandemic could delay the process until the first or second quarter of 2021, the portfolio manager of minority shareholder Fondul Proprietatea said recently.
Fondul Proprietatea owns 20% in Hidroelectrica, while the Romanian state owns the remaining 80%. The government plans to list up to 20% in the power company.