Hidroelectrica to hire law firm for IPO on Bucharest Stock Exchange

Photo: Bucharest Stock Exchange


May 17, 2019






May 17, 2019





State-owned power utility Hidroelectrica has issued a public call to acquire legal services for conducting an initial public offering (IPO) on the Bucharest Stock Exchange, local media reported.

The deadline for submitting offers is May 23.

Hidroelectrica plans to sell newly issued shares and also existing shares, but also to finally lists on the Bucharest Stock Exchange, Economica.net reported.

The largest electricity producer in Romania could offer a 10% stake in the IPO

The law firm will advise Hidroelectrica in all of these activities, including a selection of intermediaries or underwriters. According to the public call, Hidroelectrica intends to hire a law firm with an international reputation specialized in legal advisory services.

A week ago, local media reported that the Romanian government plans to conduct an IPO for Hidroelectrica. The largest electricity producer in Romania could offer a 10% stake in the IPO.

The Hidroelectrica IPO was announced back in 2012, when even legal advisors were selected. However, the company entered the insolvency procedures and the IPO was postponed. There were also few other delays of the IPO after this first one.

US investment fund owns 20% stake

The Romanian state owns 80% of the Hidroelectrica’s shares, while the remaining 20% is in the hands of US investment fund Fondul Proprietatea.

In October last year, Hidroelectrica signed a memorandum of cooperation with Austria’s Verbund.

The signing of the memorandum triggered reports by the Romanian media concerning Verbund’s interest in buying 20% owned by Fondul Proprietatea. However, the US fund had offered its stake in Hidroelectrica for first time in November 2017.

Hidroelectrica’s average annual electricity output is 17 TWh generated by 228 hydropower plants with an installed capacity of 3,444 MW.

Comments (0)

Be the first one to comment on this article.

Enter Your Comment
Please wait... Please fill in the required fields. There seems to be an error, please refresh the page and try again. Your comment has been sent.

Related Articles

Tender for desulphurization plant construction in TPP Tuzla open until November 15

Tender for desulphurization unit in Tuzla coal plant open until November 15

04 October 2022 - State-owned power utility EPBiH announced a tender for a flue gas desulphurization facility for unit 6 in TPP Tuzla

epcg gvozd 2024.

EPCG secures financing for Gvozd wind farm

03 October 2022 - EPCG is blaming the pandemic for the delay in the implementation of the 54.6 MW Gvozd wind farm project, Vijesti reported

CE Oltenia OMV Petrom four PV plants JVs

CE Oltenia, OMV Petrom to build four PV plants through JVs

03 October 2022 - OMV Petrom and CE Oltenia agreed to build four solar parks with a combined capacity of 450 MW at former coal mining locations in Romania

solar wind investments EU price cap

Wind, solar investors threaten to leave Europe because of revenue cap

03 October 2022 - The EU's wind and solar industries are threatening investments could go elsewhere after EU energy ministers voted to roll out revenue caps