Hidroelectrica announced the publication of the prospectus for the initial public offer carried out by the investment fund Fondul Proprietatea in relation to the existing ordinary shares of the company and the beginning of the offer period.
Romanian electricity producer will apply for admission to trading its shares on the regulated market of the Bucharest Stock Exchange. The indicative range of the offer price was set between 19 and 22.6 euros per offered share, which corresponds to a market capitalization of 8.5 billion to 10.2 billion euros.
The anticipated level of the offer, including any over-allocation option is up to 89,708,177 offered shares to be sold by Fondul Proprietatea, representing up to its entire participation of 19.94% of the issued share capital of Hidroelectrica. The initial public offering will consist of a public offering addressed to retail and institutional investors in Romania, as well as an offer addressed to eligible international institutional investors. The offer period is expected to begin on 23 June 2023 and is expected to end no later than 4 July 2023.
The offer price and the exact number of shares offered for sale will be determined following the book-building process within the offer period and are expected to be announced on or about 5 July. Settlement is expected to take place around 10 July. Admission and commencement of trading on the BSE are expected to take place around 12 July 2023.
Retail investors are entitled to a 3% discount from the offer price for those purchase orders that were registered during the first five business days of the offer period. The offer shares subscribed for in the retail tranche beginning on the sixth business day of the offer period will be sold to retail investors at the offer price.
