June 23 (SeeNews) - Romania's financial supervision authority ASF has approved the prospectus of the initial public offering (IPO) of majority state-owned hydro power producer Hidroelectrica [BSE:H2O], the company said on Friday.
The IPO will take place between June 23 and July 4 and comprises up to 78,007,110 existing ordinary shares with a par value of 10 lei each representing a stake of 17.34% owned by minority shareholder investment fund Fondul Proprietatea's [BSE:FP], as per the ASF decision filed by Hidroelectrica with the Bucharest Stock Exchange.
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The established price interval of the IPO was set at between 94 and 112 lei per share, corresponding to a market capitalisation of between 42.2 million lei and 50.3 million lei, the document showed.
Once the IPO is successfully closed and its underlying transactions are settled, the company intends to seek the admission and introduction to trading of all of its shares on the premium tier of the regulated market of the BSE.
Hidroelectrica is 80.06% owned by the Romanian state, while Fondul Proprietatea holds a stake of 19.94%. Its net profit rose 32.7% year-on-year to 4.006 billion lei ($876.8 million/808.2 million euro), according to an audited financial statement filed with the Bucharest Stock Exchange by Fondul Proprietatea in March.
Fondul Proprietatea's shares traded 3.66% lower at 1.8940 lei as of 1051 CET on Friday on the Bucharest bourse.
(1 euro=4.95665 lei)
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