Romania raises EUR 64 mln via stock listing of electricity producer Nuclearelectrica

The Initial Public Offering (IPO) to sell 10 percent of Romania's electricity producer Nuclearelectrica has brought the Romanian state some EUR 64 million. The amount is slightly lower than what it had hoped for, which was between EUR 66 and EUR 78 million. The sale price per share was of RON 11.2, which was at the lowest end of the price on offer, that was between RON 11.2 and RON 15. The offer was on between September 9 and 20. Around a third of the investors were from the US, according to Constantin Nita, the Delegate Minister for Energy. Investment fund Fondul Proprietatea subscribed separately from small investors and institutional investors and bought shares of some EUR 6.8 million, by taking part in a share capital increase. Institutional investors and large retail investors bought shares at the minimum price in the offer, while small retail investors bought shares on a discount to this price, 8 percent discount for subscribing in the first three days, and 3 percent discount for the fourth day of the offer. Small investors had been allotted 10 percent of the offer, institutional investors, 85 percent, and large retail investors, 5 percent. Nuclearelectrica runs the Cernavoda nuclear power plant, which produces around 20 percent of Romania’s energy. The Romanian state is the major shareholder of the company with 90.28 percent of the shares, while Fondul Proprietatea holds the rest of 9.72 percent. Earlier this year, the Romanian state sold the 15 percent share package in Transgaz, for EUR 72 million, during a secondary public offering. editor@romania-insider.com