Five candidates to coordinate Hidroelectrica’s IPO

Hidroelectrica starts the selection process of the intermediary of the Initial Public Offering for the 15 percent of the shares to be issued through an increase of its social capital. Today at noon, it was the deadline for submitting the offers which  eventually amounted to five, according to a press release of the state-owned company.

Thus, one offer came from a syndicate consisting of Alpha Finance Romania, Alpha Bank Romania, Deutsche Bank AG, the London branch, SSIF Intercapital Invest, SSIF Broker and UniCredit Bank Austria. Another offer has been submitted by Erste Group Bank - Goldman Sachs International – BCR.

Additional offers have been submitted by the syndicates which consist of BRD Groupe Societe Generale, Societe Generale, and JP Morgan Securities, on one side and the one gathering CITIGroup Global Markets Limited - Wood&Company Financial Services - NBG Securities Romania – NBG Securities, Swiss Capital, BT Securities, on the other side. Finally, in the selection process also signed up Raiffeisen Capital & Investment and Morgan Stanley & Co. International, altogether.

The joint commission, appointed by the Depertment for Energy and Hidroelectrica will proceed with evaluating the offers and deciding on the coordinator of the public offering, based on quality and efficiency criteria. 

Hidroelectrica will run this year in June – according to Constantin Nita, the Minister of Energy – an initial public offering through which aims to sell 15 percent of its shares. The hydro-power energy producer has a social capital of approximately 1 billion euro – some 80 percent owned by the Romania’s Ministry of Economy, and the remaining, nearly 20 percent is owned by Proprietatea Fund.