June 27 (SeeNews) - Romanian power supplier and distributor Electrica closed successfully on Friday an initial public offering (IPO) on the London and Bucharest bourses, Raiffeisen Bank, which is acting as a global coordinator and book runner for the offering, said.
The conditions for successfully closing the offer have been competed, Raiffeisen Bank said in a statement.
You can subscribe to our M&A newsletter here
A total of 37.2 million shares were listed on the Bucharest bourse, as the final price for institutional and retail tranche was 11 lei per share ($3.42/2.50 euro) and 10.45 lei per share for the shares subscribed by each retail investor within five working days of the offer period, it added.
Earlier this month, Romania's government launched IPO on Bucharest and London Bourse of 51% stake in Electrica aiming to raise at least 435 million euro in the offering. The books opened on June 12.
The company offered 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 was set at 11-13.5 lei per share. The institutional tranche was 85%, the small retail tranche was 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.
(1 euro = 4.3895 Romanian lei)