Electrica To Start IPO Monday

06.12.2014 By Florentina Dragu

Romanian state-run energy company Electrica SA’s planned initial offering of 51% of its shares will be launched on June 16 in Bucharest and London, with small retail investors being able to subscribe to 7% of the stake on offer.

A stake of 8% is reserved for large retail investors, while corporate investors can subscribe to the remainder 85% of the available shares.

The indicative price range was set at 11 to 13.5 lei (EUR2.5 to EUR3.07) per share and at $13.55 to $16.63 per each global depositary receipt, or GDR.

Minister-delegate for Energy Razvan Nicolaescu said Wednesday that the government hopes to raise at least EUR435 million at the offering.

He said the IPO should be completed on June 26, while the actual listing is scheduled for July 3.

The offering is considered successful if all shares are subscribed.