The big institutional investors placed buy orders for more than the 66 million shares made available to them as part of the initial public offering (IPO) of major Romanian power producer Hidroelectrica (H2O), while the retail investors subscribed for 98% of the 11.7 million shares were loud Assigned to Ziarul Financiar.
The IPO was thus almost completely subscribed in just three days and the orders placed by the end of the subscription period will only result in a lower proportionate share allocation for each investor.
US investors, previously not active in the Romanian market, have appeared, the daily said.
In the retail segment, 21,800 orders were placed in three days – which corresponds to an average order value of almost RON 60,000 (EUR 12,000).
The interest of major investors remains high and new orders are still being processed, sources on the capital market told Ziarul Financiar.
NN, which manages private pension funds but also open-ended funds in Romania, has reportedly placed an order worth 300 million euros at the maximum price allowed – the equivalent of 13.4 million shares.
According to Profit.ro, Allianz, Generali and Aegon – managers of pension funds operating in Romania – make up the group of anchor investors who have announced orders worth US$500 million, or the equivalent of about 20 million shares, from the start.
“The company is large, meets ESG criteria, valuation is in the market, enters major stock indices after listing,” the sources explained the high level of interest.
(Photo source: Negotin8/Dreamstime.com)
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