Romania
's
Economy Ministry could raise as much as 369.3 million lei ($110.4 million) in
an initial public offering of 10% in state-run nuclear power producer
Nuclearelectrica, news agency Mediafax reports Tuesday.
Nuclearelectrica will seek to sell 25.3 million shares for between RON11.2 and
RON15 each at the IPO, which will take place in the Sept. 9-Sept. 20 period.
"The net amount that could be raised ranges between RON272.83 million and
RON369.29 million," Nuclearelectrica says in its listing prospectus.
Nuclearelectrica has hired brokerage firms Swiss Capital and BT Securities to
help with the offering, which will include three separate packages for
corporate and retail investors.
"Upon a successful completion of the offering, Nuclearelectrica will use
the proceeds to finance investment projects at its nuclear reactors in
Cernavoda," the company said.
The offer will be deemed successful if all available shares are subscribed. Nuclearelectrica
is majority owned by the Economy Ministry, with a 90.28% stake, while
investment fund Fondul Proprietatea (FP.RO) holds the remaining shares.
The company operates two 700-megawatt reactors in Cernavoda, covering around
20% of
Romania
's
energy consumption.
Nuclearelectrica swung to a net profit of RON213.2 million in the first half of
2013, versus a loss in the year-earlier period. The company's sales rose 20% to RON930.5 million.