Romanian hydropower producer Hidroelectrica announced that its shares are expected to be admitted to trading on the regulated market of the Bucharest Stock Exchange (BSE) in July.
Investment fund Fondul Proprietatea plans to apply for admission to trading of its 19.9% stake, as the initial public offering will take place after the approval of the prospectus by the financial regulator, Hidroelectrica said in a press release.
The company’s shares will be included in the BET index of the BSE immediately upon admission.
Hidroelectrica and Fondul Proprietatea will be subject to a lock-up agreement for 180 days, and the majority shareholder – the Romanian state – will be subject to a lock-up agreement for twelve months from the admission date, it added.
Hidroelectirca is 80.06% owned by the Romanian state.
Citigroup Global Markets Europe, Erste Group Bank, Jefferies, and Morgan Stanley Europe SE are acting as joint global coordinators in connection with the offering. Banca Comerciala Romana, Barclays Bank Ireland, BofA Securities Europe, UBS Europe SE, UniCredit Bank and Wood & Company Financial Services are acting as joint bookrunners. Auerbach Grayson, BRD – Groupe Societe Generale, S.S.I.F. BT Capital Partners and S.S.I.F. Swiss Capital are acting as co-lead managers. Rothschild & Co Equity Market Solutions Limited is acting as financial adviser to Fondul Proprietatea, and STJ Advisors is acting as financial adviser to the Hidroelectricain connection with the IPO.
Hidroelectirca’s net profit rose 32.7% year-on-year to 807.3 million euro, according to an audited financial statement filed with the BSE by Fondul Proprietatea in March.
