Electrica sold 177,188,744 shares and GRDs (approx. 51% of the total shares after capital increase) in the IPO that took place between June 16 and June 25, for approximately EUR 444 million. The shares will be traded at Bucharest Stock Exchange.
The volume of shares offered was oversubscribed by approximately two times. The investors bought 142,007,744 shares (80.14% of the IPO) and 8,795,250 GDRs (19.86% of the IPO). The shares/GDR ratio is more favorable for shares than in Romgaz’s offer of Q4.2013, when almost 2/3 of the securities were sold as shares and 1/3 as GDRs.
The institutional investors bought 79% of the securities sold in the IPO and the retail investors the other 21%. To the retail investors were realocated 6% more shares compared to the inial tranche.
The majority of institutional investors who subscribed in the IPO are from Romania, Poland, UK and USA, according to data available.
The institutional investors received 104,798,107 shares at the price of RON 11/share, and 8,795,250 GDRs at USD 13.66/GDR.
Large Retail investors were allocated 17,718,875 shares (10% of the total volume of IPO) at RON 11/share.
Small retail investors bought 19,490,762 shares (11% of the total IPO), of which 10,891,971 shares at RON 10.45/share and 8,598,791 shares at RON 11 /share. Small investors who subscribed more than 1,000 shares benefited from a discount of 5% to the final price for subscription in the first five days of the offering.
Approximately 11.600 investors bought the securities sold in the IPO, according to data made public by Raiffeisen Bank, the manager of the IPO syndicate.
After the IPO, the Romanian State remains the largest shareholder, with 48.8% of Electrica shares, but its holdings might increase at 49.9% if the stabilization option will be exercised. Energy Minister Razvan Nicolescu said Friday, June 27, that the European Bank for Reconstruction and Development has become the second-largest shareholder in Electrica after it purchased EUR75 million worth of shares at the company’s initial public offering ended June 25. Also, according to Minister Nicolescu, ING is the third largest shareholder of Electrica.
The syndicate included Citigroup Global Markets Limited, Raiffeisen Bank and Societe Generale, together with BRD – Groupe Societe Generale and Swiss Capital.
