Romania’s Hidroelectrica takes first steps towards IPO

By bne IntelliNews May 17, 2019

Romania's biggest power producer Hidroelectrica launched a call for the acquisition of legal services related to listing its shares on the Bucharest Stock Exchange by an IPO that has been expected for years.

The company plans to launch an IPO and sell newly issued shares as well as existing shares, according to the document quoted by Economica.net. The company may sell a 10% stake in the IPO, according to recent public statements.

The legal advisor will assist the company in selecting the intermediaries for the IPO and in the listing process on the Bucharest Stock Exchange. Hidroelectrica is looking for a law firm with an international reputation.

The company launched the procedure on May 15, and interested law firms can submit their proposals by May 23. 

Hidroelectrica had selected legal advisors and an intermediary for its IPO before going into insolvency in 2012 but canceled the process due to the restructuring. 

Hidroelectrica is the largest electricity producer in Romania. The Romanian state controls 80% of the company and investment fund Fondul Proprietatea holds the remaining 20%. The company, which operates over 200 plants with an installed capacity of about 6,400 MW, reported a net profit of about RON2bn (€430mn) for 2018.

Related Articles

IFC, EBRD buy nearly half of Romania's first covered bonds from Alpha Bank

Alpha Bank Romania announced that it has completed its first covered (mortgage) bond issue worth €200mn with a maturity of five years, a first for the banking market in Romania.  With these ... more

Romania’s Sphera Franchise Group plans to raise €70mn loan

Romanian food service operator Sphera Franchise Group said on April 30 it plans to borrow up to €70mn through a bilateral, syndicated or club loan. Sphera’s portfolio includes brands operated ... more

IIB provides loan to Romania’s Agricover Credit IFN to support agricultural sector

International Investment Bank (IIB) said on April 23 it has granted a loan with a tenor of seven years to Romania’s Agricover Credit IFN, a company that finances the agricultural sector in ... more

Dismiss