Hidroelectrica and Electrica go on the stock exchange in June

State-owned power companies Hidroelectrica and Electrica shares will be listed both on Bucharest Stock Exchange and London Stock Exchange in June, sources quoted by Mediafax newswire stated recently.

2014-01-09 17:46:47

Minister Delegate for Energy, Constantin Nita also stated that shares of Complexul Energetic Oltenia will be listed in October. October brought in 2013 a listing success on the BSE gfor Romgaz IPO. At that time, 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 in October.

Romgaz IPO has been one of the most anticipated events in 2013. The Government first spoke about the possibility of listing Romgaz on the Stock Exchange in 2004, with a minuscule stake of just 5 percent of the share capital. Besides the many changes and second thoughts with regards to the stake to be listed or the way it should be done, the wonder really happened on 22 October 2013, and it meant the largest listing of a Romanian state-owned company.

Romgaz sold 15 percent of its shares on the Stock Exchange through its initial public offering for RON 1.7 billion (EUR 382.8 million), very close to the target, namely EUR 415.6 million. The listing of Romgaz was the first operation though which the state sold some of its shares as Global Depository Receipts (GDR), on the London Stock Exchange. The GDRs accounted for 36 percent of the offer. Still, Romgaz will not benefit from any of the funds it got from its listing, as all money will go to the Development Fund.

Read more about the listings in energy here: http://www.thediplomat.ro/articol.php?id=4391