Investors oversubscribed the secondary public offer for Romanian state owned electricity carrier Transelectrica, which received offers for 53 percent more shares than available for sale. Small investors were more active and will pay a higher price than institutional investors. Offers placed by small investors were 2.8 times higher than the initial offer, while institutional investors oversubscribed by 40 percent. The offer needed subscriptions of at least 70 percent to be successful.

The last day of the Secondary Public Offering for 15 percent in Transelectrica brought the highest volume of subscriptions. March 27 was the final day of the offer, which started with a 55 percent level of subscriptions.

Large investors had 9.8 million shares to buy, and placed offers for 13.8 million, while small investors had only 1 million shares, and offers were placed for 3 million shares. The state is expected to cash in some EUR 40 million from the sale of 15 percent in Transelectrica.

The offer was brokered by BCR, Intercapital Invest and Swiss Capital, whose legal advisor was NNDKP.

editor@romania-insider.com