Small individual investors subscribed some 12.5 million shares on their tranche of Electrica's initial public offering that is currently underway on the Bucharest Stock Exchange (BVB) and the London Stock Exchange.

Electrica, which is the largest electricity distributor in Romania, is selling a total of 177.19 million shares, which make 51 percent of its capital, 7 percent of these, or 12.4 million shares, being reserved for small individual investors.

More than 7,200 orders were placed in the first two days of the IPO on the small investors’ tranche, for a total of 12.5 million shares, which is a little more than the number of shares allotted to this tranche. The total value of these orders is more than EUR 38 million.

Small investors get one of two facilities in the Electrica IPO. They can choose to have guaranteed allocation for up to 1,000 shares or they can choose to get a 5 percent discount to the final price of the offer.

There is also a tranche for larger individual investors, who subscribe more than 20,000 shares. Some 14.17 million shares are reserved for this tranche, which is 8 percent of the total offer. In the first two days of the IPO, more than 1.56 million shares were subscribed on this segment.

The Electrica IPO started on Monday, June 16, and will end on June 25.

Andrei Chirileasa, andrei@romania-insider.com