The first IPO on the Bucharest Stock Exchange in five years, the public offering of 10% in Romania’s state-run nuclear power producer Nuclearelectrica was received with interest from small investors. Small investors subscribed 2.3 times mores shares than they are offered at the IPO and allotted 90 million lei (EUR20.1 million) by 05:00 p.m.. They may subscribe 10% of the 25.3 million new shares the company wants to sell.
"This listing was not determined by Nuclearelectrica’s need for capital, but by a need to develop the capital market, to implement standards specific to the capital market into this company,” says Daniela Lulache, CEO of Nuclearelectrica.
Through this listing the Romanian state
plans to raise between 63.5 and 85
million EURO. The minimum price in the offering is RON11.2 and the maximum
RON15 per share.
As for the major projects the company is involved in, the new management says Nuclearelectrica will no longer get financially involved in building reactors 3 and 4 of the Cernavoda plant, but only with buildings and the land.