Romgaz IPO triggers 1.8 billion lei worth subscriptions, beyond expectations
The demand for Romgaz shares throng the ongoing IPO exceeds expectations as investors submitted firm orders worth 1.8 billion lei, Lucian Anghel, president of Bucharest Stock Exchange stated today. 2013-10-30 13:53:03
Earlier this week, Anghel announced that retail investors submitted orders to buy 1.4 million shares The initial public offering for Romgaz initiated on Tuesday and the state plans to sell 15 percent of its stake. The listing is scheduled to end at October 31. The Ministry of Economy offers some 57.8 million shares with prices totaling between USD 426.6 million and USD 568.8 million, including 13 percent stabilization fund. Following the offer, Ministry of Economy will own at least 70 percent of the company′s shares while Fondul Proprietatea maintains the 15 percent stake. The rest of 15 percent is submitted to free market trading.
Goldman Sachs International and Erste Group Bank act has been designated joint global coordinators for the offer while Romanian Commercial Bank and Raiffeisen Capital & Investment were appointed lead managers for the local market.
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