Sources: Raiffeisen Capital&Investment & Morgan Stanley will manage Hidroelectrica IPO

Newsroom 27/01/2014 | 14:13

The Raiffeisen Capital&Investment and Morgan Stanley consortium will manage the initial public offering (IPO) of a 15 percent stake in Romania’s largest energy producer Hidroelectrica, sources in the capital market initially reported for Mediafax.

The energy supplier confirmed the news via press release

“All the technical offers met the eligibility conditions. The offer submitted by Raiffeisen Capital&Investment ND Morgan Stanley was declared winner. Their activity will commence at once after the letter of intent is signed and formalized”, according to the press release.

The initial financial offers were opened on Friday, and since there was a difference of 15% beween the minimum and maximum commission asked, brokers were allowed to improve their offers. That meant asking for a lower commission than the minimum asked in the first phase. The lowest commission presented on friday was 0.96% of the total value of the stocks offered. The maximum commission asked was 3%.

Along with Raiffeisen Capital&Investment and Morgan Stanley, other four consortiums entered the race to intermediate Hidroelectrica’s IPO:

– Alpha Finance Romania, Alpha Bank Romania, Deutsche Bank – London branch, SSIF Intercapital Invest, SSIF Broker and Unicredit Bank Austria.

– Erste Group Bank, Goldman Sachs International and Banca Comerciala Romana,

– BRD Groupe Societe Generale, Societe Generale and JP Morgan Securities.

– Citigroup Global Markets Limited, Wood & Company Financial Services, NBG Securities Romania, NBG Securities, Swiss Capital and BT Securities.

Hidroelectrica was under insolvency for a year, between June 2012 and June 2013.

Hidroelectrica recorded a profit of around EUR 109 million (RON 481 million) in the first half of 2013, compared to a loss of RON 202 million reported in the same period in 2012.

 

 

BR Magazine | Latest Issue

Download PDF: Business Review Magazine March (II) 2024 Issue

The March (II) 2024 issue of Business Review Magazine is now available in digital format, featuring the main cover story titled “BAT DBS Romania Hub: A Vibrant New Office For An Employee-Centric
Newsroom | 27/03/2024 | 17:32
Advertisement Advertisement
Close ×

We use cookies for keeping our website reliable and secure, personalising content and ads, providing social media features and to analyse how our website is used.

Accept & continue