Romania's biggest power producer Hidroelectrica launched a call for the acquisition of legal services related to listing its shares on the Bucharest Stock Exchange.

The company plans to launch an initial public offering (IPO) and sell newly issued shares as well as existing shares, according to the document quoted by Economica.net. It may sell a 10% stake in the IPO, according to recent public statements.

The legal advisor will assist the company in selecting the intermediaries for the IPO and in the listing process on the Bucharest Stock Exchange. Hidroelectrica is looking for a law firm with an international reputation. The company launched the procedure on May 15, and interested law firms can submit their proposals by May 23.

Hidroelectrica also selected legal advisors and even an intermediary for its IPO before going into insolvency in 2012 but canceled the process due to the restructuring.

Hidroelectrica is the largest electricity producer in Romania. The Romanian state controls 80% of the company and investment fund Fondul Proprietatea holds the remaining 20%. The company, which operates over 200 plants with an installed capacity of about 6,400 MW, reported a net profit of about RON 2 billion (EUR 430 mln) for 2018.

editor@romania-insider.com

(Photo source: Facebook/Hidroelectrica)