Five consortiums submitted bids to manage the initial public offering (IPO) of a 15 percent stake in Romania’s largest energy producer Hidroelectrica, the company has announced.

One of the consortiums consists of Alpha Finance Romania, Alpha Bank Romania, Deutsche Bank - London branch, SSIF Intercapital Invest, SSIF Broker and Unicredit Bank Austria.

The second bidder is a consortium comprising Erste Group Bank, Goldman Sachs International and Banca Comerciala Romana, while the third consortium is made of BRD Groupe Societe Generale, Societe Generale and JP Morgan Securities.

Another bidder is the consortium consisting of Citigroup Global Markets Limited, Wood & Company Financial Services, NBG Securities Romania, NBG Securities, Swiss Capital and BT Securities.

The fifth consortium is made of Raiffeisen Capital & Investment and Morgan Stanley & Co. International.

A joint commission, named by the energy Department and Hidroelectrica, will assess the bids in the following period.

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.

Irina Popescu, irina.popescu@romania-insider.com