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May 17, 2022

Electrica shares integrally subscribed

Almost 3 million shares had been subscribed by 3.30 PM in the initial public offering (IPO) for the sale of Electrica stock, above the volume of 2.403 million shares that are reserved for the orders placed in the first 5 days of the offer and will enjoy a price reduction. Those who subscribe during this interval with cumulated orders higher than 1,000 shares will enjoy a 5 pc discount from the end price achieved in the IPO, for the equities that exceed the aforementioned threshold. Those who subscribe more than 1,000 shares are guaranteed the sale (allocation) of the requested volume.

The documentation of IPO Electrica provides for a maximum amount of 10 million shares with guaranteed allocation that will not enter the pro-rata allocation process, depending on the oversubscription rate. Thus, out of a total 12.403 million shares, reserved in total for the tranche of small investors, 2.4 million remain that will be subject to the discounted price. The oversubscription was in excess of 23 pc (more than the 2.4 million reserved units), which means that investors will receive fewer shares than they subscribed, for which they blocked money at the price of 13.5 RON/unit. At this oversubscription rate, they will receive only 80 for every 100 shares they subscribed. By 3.45 PM, in the tranche of small investors, the total subscription rate was 52.5 pc and subscriptions had exceeded 6.52 million shares.


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