Power and gas utility group Premier Energy announced that the Romanian Financial Supervisory Authority approved its planned Bucharest Stock Exchange IPO that thus kicks off on May 8. The IPO will last for a week and aims to bring over 135 million euros to the company and its owner.
Companys’ owner EMMA Alpha Holding values the company’s 100 million shares, before the IPO, at 405 million euros, or 4.05 euros per share, according to the IPO prospectus. It is ready to cede a stake of 29-32.5% to retail and institutional investors, under the IPO by new share issuance and sale of existing shares.
The indicative price range for the IPO has been set at between 19.0 and 21.5 RON/share.
As many as 20% of the shares will be offered to retail investors, while the remainder will be offered to institutional investors. Premier Energy and Emma Capital may also decide to increase the number of shares on offer by up to 20%, for an additional 6,250,063 upsize shares, of which 80% will be additional new shares and 20% will be additional existing shares.
The offer price and the exact number of shares to be sold will be announced on or around May 16, following the book-building process. The settlement will take place on or around May 20. Premier Energy’s shares will then be admitted for trading on the BVB on or around May 27, as per the prospectus.
