Subscriptions for Transelectrica public offering in Romania exceed 9%

The secondary public offering for a 15 percent package in state-owned electricity carrier Transelectrica on the Bucharest Stock Exchange reached subscriptions of 9.2 percent of available shares, six days into the offer. Activity has gone at different speeds for small and large investors. Small investors subscribed to a higher rate of 22 percent, while for large investors, subscription level reached 7.7 percent.

Investors have until March 27 to buy shares in Transelectrica, at prices varying between RON 14.9 per share and RON 19.2. This would value the company at between EUR 37 million and EUR 48 million. The company's shares are trading at RON 15.9 on the Bucharest Stock Exchange. The intermediary for the offer is BCR, Intercapital Invest and Swiss Capital, but investors can buy shares through any brokerage firm. Online trading company Tradeville is offering a credit line of up to some EUR 68,000 ( RON 300,000 ) to current customers interested in the secondary public offering for Transelectrica. In 2011, Transelectrica posted a net profit of EUR 21.2 million (RON 90.2 million) in 2011, nearly 10 times higher than the 2010 results. The company had a net turnover of around EUR 685 million (RON 2.9 billion), up 14 percent compared to the EUR 603 million (RON 2.54 billion) posted in 2010. editor@romania-insider.com