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Romania's Nuclearelectrica Raises RON282M in Public Stock Offering

Romanias Nuclearelectrica Raises RON282M in Public Stock Offering
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Δευ, 23 Σεπτεμβρίου 2013 - 18:22
Romanian state-run nuclear power producer Nuclearelectrica has raised 281.8 million lei (EUR63 million) in an initial public offering of 10% of its shares that ended Friday, the brokers running the deal said Monday, news agency Mediafax reports.
Romanian state-run nuclear power producer Nuclearelectrica has raised 281.8 million lei (EUR63 million) in an initial public offering of 10% of its shares that ended Friday, the brokers running the deal said Monday, news agency Mediafax reports.

Nuclearelectrica has sold roughly 25.37 million shares at RON11.2 a share, the low end of the expected range of RON11.2 to RON15 a share. Small investors benefited from a discount of 3% to 8% of the final price, depending on the subscription date.

Romanian Minister Delegate for Energy Constantin Nita said around 30% of the investors who bought Nuclearelectrica shares are U.S. nationals. He said the offer, the first IPO of a state-run company in the last six years, was completed successfully. However, he said the government doesn't plan to sell any more stock in state-run enterprises except for the companies already scheduled for listing.

"We won't be listing any more companies on the stock exchange, except for the ones scheduled for next year, namely Electrica, Hidroelectrica and energy holdings Oltenia and Hunedoara," Mr. Nita told a news conference.

A consortium comprising brokerage firms Swiss Capital and BT Securities assisted with Nuclearelectrica's offering, which took place between Sept. 9 and Sept. 20.

Nuclearelectrica is majority-owned by the state, through the Energy Department. The company operates two 700-megawatt reactors in Cernavoda, covering around 20% of Romania 's energy consumption.

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