Romania's ASF approves Premier Energy's IPO prospectus

The IPO will take place between May 8 and May 15 and will comprise up to 35,937,859 shares, of which up to 25,000,250 new shares offered for subscription by Premier Energy, up to 6,250,063 existing shares offered by Emma Capital, and up to 4,687,546 over-allotment shares provided by Emma Capital, Premier Energy said in a press release filed to the Bucharest Stock Exchange, BVB, on Tuesday.

The price interval of the IPO was set at between 19 lei ($4.11/3.82 euro) and 21.5 lei per 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 bookbuilding 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.

Premier Energy announced its intention to launch an initial public offering on the Bucharest bourse last month. The power and gas distributor is currently fully owned by Emma Capital. Following the successful completion of the IPO, the Czech investment company will continue to hold the majority of shares in Premier Energy Group.

(1 euro=4.9757 lei)