“The sale price was 179 lei (EUR40.88) a share, which means we will collect EUR72 million,” Nita told a news conference.
The price was slightly above the minimum level of RON171 a share announced at the start of the offering. The maximum price was RON230 a share.
Tuesday, Transgaz closed down 1.01% at RON197 a share.
Nita said the secondary offering was a “success” and a good starting point for other similar offerings planned by the state.
“The offer was oversubscribed, it was a success,” Nita said. He added foreign investors bought 70% of the available stock.
Transgaz’s secondary offering took place between April 4 and April 16.
Of the total 1.77 million shares offered for subscription, 7% were allocated to small investors (who underwrote between 10 and 1,000 shares), 8% to large retail investors while the remaining shares were reserved to institutional investors.
A consortium comprising Raiffeisen Capital & Investment, BT Securities and Czech brokerage Wood& Co assisted with the sale in Bucharest.
“I don’t think that anyone believed RON230 was a realistic price. A large package as this one could not be sold at a premium, but at a discount,” said Dana Mirela Ionescu, president and general manager of Raiffeisen Capital&Investment.
Transgaz had an initial public offering 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. (EUR1=RON4.3783)