Romanians started subscribing from Friday morning to the initial public offer of the Hidroelectrica state company, with a view to listing on the Bucharest Stock Exchange. By 10:00 a.m. they had subscribed around 60 million lei.
“From discussions with potential investors there is a lot of particular interest and enthusiasm from them about the transaction. (…) We are waiting with interest to see the subscriptions from the process“, said Johan Meyer, General Manager of Franklin Templeton Romania.
Subscription started from Friday – June 23 and runs until July 4 at 12:00. For individuals, the price is 112 lei/share. You can subscribe at least 50 shares, i.e. an amount of 5,600 lei (this is the minimum subscription).
Individuals are also entitled to a 3% price discount for purchase orders that were registered within the first five business days. The tranche dedicated to individuals amounts to 11,701,067 shares (representing 15% of the number of Shares Offered). In terms of value: over 1.3 billion lei.
The offer includes an offer to sell up to 78,007,110 shares by Fondul Proprietatea, i.e. 17.34%. Hidroelectrica intends to distribute, as ordinary dividends, at least 90% of the annual net profit starting with the financial year immediately following the Offer.