The initial public offering of the Romanian state-owned gas producer Romgaz starts today (October 22) and will last until the end of the month, the company has announced.

The Government recently approved a price range between RON 24 and 32 per share.

By listing 15 percent in the gas company, Romania hopes to attract between EUR 312 million and EUR 415 million.

“We are encouraged by the initial level of interest expressed for Romgaz both by Romanian and international investors. We strongly believe that privatization and liberalization of the energy sector are the best ways to further develop our economy, protecting the interests of consumers in Romania,” said Romanian Minister Delegate for Energy Constantin Nita.

Following the IPO, the Economy Ministry will hold 70 percent in Romgaz, Fondul Proprietatea will keep its 15 percent stake, and the rest of 15 percent will be free floating.

Romgaz is the largest natural gas producer and supplier in Romania. The company’s turnover in 2012 was of EUR 863 million, while its net profit was of EUR 280 milion.

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