Electrica made 1.95 billion RON following the recently completed IPO
The initial public offering has been a success, according to a press release of Electrica, within a difficult context with 22 ongoing listing on the European capital market and geo-political turmoil. The IPO generated almost 444 million Euro, as previously estimated by Electrica and Energy department officials. 2014-06-27 14:43:04
The final offering price of shares to be proposed to institutional investors and retail investors is 11RON/ share and 13.66 USD/GDR. The IPO was for an offer of 177.188.744 new titles, representing 105 per cent of the company social capital. The stock exchange capitalization of Electrica has been estimated at 3.81 billion RON.
According to Razvan Nicolescu, the Delegate Minister for Energy, this is the largest IPO managed so far on the Romanian capital market and the record-funds obtained following the successful stock exchange operation will be used for investments.
The IPO has been managed by a consortium of BRD, Citigroup, Raiffeisen Bank, Societe Generale and Swiss Capital. In Q1 this year, Electrica registered a net profit of 13.4 million Euro (60 million RON), a slight decrease compared to the same interval of 2013. Last year, Electrica posted earnings worth 55 million Euro (243.4 million RON), 32 per cent down compared to 2012.
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