Retail investors submitted orders in value of 4.152 billion lei ( over 937 million euros) following Romgaz public offer, on this side the offer being oversubscribed by nearly 15 times over, representatives of some brokerage houses told AGERPRES.
Data recorded in the stock market system at 17:15 local time showed that retail investors subscribed for over 129.77 million shares. Subscription orders could be submitted until Thursday, at 13:00 local time, and brokers can enter the orders into the exchange system until 23:30 local time.
The initial public offering, by which the state wants to sell a 15 percent stake in Romgaz began on October 22. IPO included shares and Global Deposit Certificates for the public in Romania and shares and Global Depositary Receipts (GDRs) for institutional investors from abroad. The Ministry of Economy is offering up to 57,813,360 shares representing between 1.39 billion lei and 1.85 billion lei ( 426.66 million U.S. dollars up to 568.88 million U.S. dollars) , including a 13 percent stabilization fund.
"With the IPO for Romgaz the capital market in Romania enters the global scene. We, at the Bucharest Stock Exchange, are proud and happy to know how many Romanian investors have decided to take part in this historical project. Bucharest Stock Exchange position was always that the local demand for Romgaz shares should not be underestimated, when the plan for this significant transaction was conceived. We want to congratulate the Government of Romania for introducing an offer structure meant to respond to this demand. Now we are sure that this local demand is formed of individual and institutional investors in Romania. We are now at a time of strategic importance for this transaction ", said general manager of the BVB, Ludwik Sobolewski .
He also said that the global investment world is diverse and, in this decisive phase for the transaction, a significant number of renowned investors have shown interest in participating and purchasing Romgaz stock.AGERPRES