Romania sold a 15% stake in natural gas producer Romgaz for 1.7 billion
lei ($534 million) in Romania's largest public offering and the first
privatization to include a global depository receipt component to be
traded on the London Stock Exchange, news agency Mediafax reports.
The offer price has been set in the upper part of the price
range at RON30 per share, or US$9.25 per GDR, with each GDR representing
one share, Romgaz said in a statement Friday.
Around 40% of the shares and GDRs in the offering have been
sold to institutions and the public in Romania and approximately 60% to
institutional investors outside Romania, the statement said.
"The unprecedented reception for Romgaz's IPO ... is a
reflection of investor appetite for high quality exposure to the
Romanian energy sector," said Constantin Nita, Romania's Minister
Delegate for Energy. "This flagship IPO is a platform to introduce
investors to other sectors of the Romanian economy which has significant
potential for further growth and development."
Following the offering, the Ministry of Economy will hold
approximately a 70% interest in Romgaz, investment fund Fondul
Proprietatea (FP.RO) will maintain its existing holding of approximately
14.99% and the public free float will comprise the remaining shares.
Goldman Sachs International and Erste Group Bank AG acted as
joint global coordinators and joint bookrunners for the offering, which
ran between Oct. 22-31. Banca Comerciala Romana and SSIF Raiffeisen
Capital & Investment acted as domestic lead managers, while Clifford
Chance, through its London and Bucharest offices, has acted as the main
legal counsel on the transaction.