According to a document obtained by Mediafax, large investors will be able to subscribe 85% of the stake, while the remaining 15% will be divided into packages of 8% and 7%, respectively.
The first minor package will be offered to retail investors who plan to buy more than 1,001 shares, while the last package will be up for grabs by small investors at a discount.
Transgaz was listed on the Bucharest Stock Exchange at the beginning of 2008. The company is 73.5%-owned by the Finance Ministry, while investment fund Fondul Proprietatea has almost 15% of its shares.
Transgaz’s secondary offering was initially scheduled for late 2012, but the government decided to postpone the proceedings due to adverse market conditions.
According to Romania’s latest letter of intent to a EUR3.6 billion loan agreement with the International Monetary Fund, the secondary offering will be launched by mid-April.
At the latest market price of 211 lei (EUR48.02) a share, the country would collect RON374.4 million (EUR84.8 million) for the 15% stake in Transgaz. (EUR1=RON4.4143)