Romanian power supplier and
distributor Electrica launched an initial public
offering (IPO) on the London and Bucharest
bourses on Thursday, Raiffeisen Bank said.
"The books open on 12 June 2014 and close on 25
June 2014; pricing and allocation announcement
is set for 26 June 2014; trade date is set for
26 June 2014 while expected start of trading on
both the LSE and BSE is 3 July 2014," Raiffeisen
Bank, which is acting as a global coordinator
and book runner for the offering, said in a
statement.
The company will offer for subscription
177,188,744 new shares, representing 105% of the
total number of its existing stocks, in the form
of shares and global depositary receipts (GDRs)
representing such securities, with one GDR
representing an interest in four offer shares.
The price range is set at 11-13.5 lei
($3.4-4.2/2.5-3.1 euro) per share. The
institutional tranche is 85%, the small retail
tranche is 7% and large retail tranche is 8%.
Citigroup Global Markets Limited, Raiffeisen
Bank S.A. and Societe Generale
Corporate&Investment Banking have been
appointed as joint global coordinators and joint
bookrunners for the offering. BRD-Groupe Societe
Generale S.A. has been appointed manager, while
SSIF Swiss Capital S.A. has been appointed
distribution agent.
Electrica is the leading distributor and
supplier of electricity in Romania. Its CEO Ioan
Rosca has said the company will use the proceeds
from the IPO to support its investment programme
mainly through refurbishment and development of
its distribution network.
Source:SeeNews
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