Electrica offer: Intermediaries earn RON 57.6 M, total expenses of RON 67 M


Following the Electrica offering, intermediaries earned commission fees worth RON 53.8 M and a fixed fee of EUR 868,000 (RON 3.8 M), while the institutions of the capital market charged commissions of RON 9.74 M, resulting a total cost of RON 67 M, the Bucharest Stock Exchange announced Monday. Electrica attracted RON 1.943 bn (EUR 444 M) through the initial public offering conducted on June 16-25, resulting a commission of RON 53.8 M (EUR 12.2 M) for intermediaries. The Electrica IPO was intermediated by Raiffeisen Bank SA, Citigroup Global Markets Limited, Societe Generale, BRD and Swiss Capital.
19 pc of the offering, allocated as USD-denominated GDRs
A volume of 19 pc of the shares put on sale in the Electrica IPO were allocated through global depository receipts (GDR) denominated in USD and tradable on the London bourse. A package representing 24 pc of the tranche destined to institutional investors through the IPO was allocated through GDRs, the managing director of Raiffeisen Bank, Mirela Ionescu explained for Mediafax. Raiffeisen Bank was the manager of the syndicate of intermediaries for the Electrica IPO. The category of institutional investors was allocated 139.979 M Electrica shares, worth RON 1.539 bn at the end price of 11 RON/unit resulting from the IPO. The end price resulting from the offering for GDRs is 13.66 USD/GDR.
A volume of 104.798 M shares from the tranche of institutional investors, evaluated at RON 1.152 bn, will be traded on the local market. Also on the local market will be traded the shares subscribed in the tranches destined to retail investors, up to a total volume of 37.209 M. In the listing of Romgaz Medias, conducted in November, 36 pc of the shares put on sale were allocated to GDRs. The intermediation syndicate anticipates that the admission to trading of the shares on the Bucharest exchange and of GDRs on the London bourse will take place on, or around July 4, 2014.

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