Given the current progress of the procedures, the initial public offer (IPO) of Hidroelectrica shares, initially scheduled for November 15, will probably have to be deferred to February next year, according to Marius Dan, vice president of Fondul Proprietatea - the shareholder that seeks to sell its 19.9% stake.

"We are still working to carry out the listing earlier, but since November 15 is no longer a feasible deadline, the next window of opportunity is February 2023," FP's vice president admitted, Profit.ro reported.

Furthermore, he stressed that FP is not ready to sell at any price.

"[The company's shares] will be listed at the best time and based on the best financial results," he explained.

"We hope the IPO will imply a market capitalization above that level of EUR 12.5 bln [the company's value at end-June, as estimated by FP]. Taking into account the evolution of energy prices, the company has the prerequisites to exceed the level of profitability in 2021," Fondul Proprietatea's vice president Marius Dan said.

iulian@romania-insider.com

(Photo source: Facebook/Hidroelectrica)