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.

Read in IntelliNews Pro
Get IntelliNews Pro

Related Articles

France's spending on Russian LNG surges to over €600mn this year

France's spending on Russian liquefied natural gas (LNG) surged to over €600mn this year, EU data reveals, Politico reports. The increase comes as French President Emmanuel Macron becomes ... more

What next for oil markets after Iranian strike on Israel?

WHAT: Oil prices have fallen following Iran's strike against military facilities in Israel. WHY: The risk of escalation was largely priced in last week in anticipation of the strike, and Israel ... more

LNG imports improving EU energy security as Russian gas supplies fall to 8% of gas imports

Liquefied natural gas helps make Europe’s gas supply more secure as it doesn’t rely on existing pipeline infrastructure, allowing EU countries to diversify the sources of their imports, the ... more

Follow Us On

Most Read

  1. Iran vs Israel: Who is better equipped for war?
    4 days ago
  2. Saudi Arabia to scale back plans for Neom city
    8 days ago
  3. BREAKING: Iraq, Syria and Jordan close airspace amid Iranian strike on Israel
    4 days ago
  4. Oil continues to flow to Israel via Turkey despite Erdogan’s vehement speeches on plight of Gaza
    5 months ago
  5. PANNIER: Caspian military drills that exclude Russia and Iran have some people in Moscow asking questions
    5 days ago
  1. Russia could pay off its entire external debt tomorrow, in cash
    18 days ago
  2. Speculation swirls of “Men in Blue” in Crocus City Hall terrorist attack linked to FSB
    23 days ago
  3. Albanians campaign on social media to keep bus bridge created in freak accident
    1 year ago
  4. UBN: Russia could take the Baltic states in 48 hours
    28 days ago
  5. BRICS announce a blockchain-based payment system to create a common currency
    21 days ago

Reports

Dismiss