The small investors placed orders for 48.4mn Hidroelectrica (BVB: H2O) shares worth RON5.4bn (EUR 1.1bn) in the first five days of the 8-day IPO, more than four times the stake earmarked out of the total under the process.

They thus placed orders to buy nearly 11% of Hidroelectrica in the IPO where Fondul Proprietatea seeks to sell 17.35% of Hidroelectrica and possibly its entire 19.9% stake if the demand is strong enough.

According to Ziarul Financiar, the interest is just as high on the tranche of institutional investors, where the offer is already oversubscribed at a price towards the upper limit of the range (RON 94-112).

Fondul Proprietatea put up for sale 78mn H2O shares. Of this package, 85% is addressed to institutional investors, who are also the ones who will decide the final price of the offer.

There are three subscription days left, until July 4 inclusive, if the minority shareholder Fondul Proprietatea does not decide to close the IPO early or to supplement the number of shares put up for sale (to its entire 19.9% stake) and, possibly, the subscription period.

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iulian@romania-insider.com