The Initial Public Offer (IPO) by which Electrica puts for sale new shares on the stock market accounting for 105 percent of its stock will have three stages, and the investors are able to buy both shares on the Bucharest Stock Exchange and GDRs (global depository receipts) on the London market, same as at the offering run by Romgaz, according to the substantiation note of a draft resolution initiated by the Energy Department. The state aims through this IPO to transfer 51 percent of the company shares to private investors. Currently, Electrica is under total governmental control, through the Ministry of Economy. The company has a share capital of RON 2.06 billion. Gabriel Dumitrascu, head of Privatisation Directorate within the Energy Department, estimated in late February that the company could attract EUR 400 million by selling shares. According to the agreement signed by the Government with the IMF, the Electrica IPO will take place in June.
