Electricity

Hidroelectrica to hire law firm for IPO on Bucharest Stock Exchange

Photo: Bucharest Stock Exchange

Published

May 17, 2019

Country

Comments

0

Share

Published:

May 17, 2019

Country:

Comments:

0

Share

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

Croatia launches auctions for premiums for large power plants

Croatia launches auctions for renewable energy utility-scale power plants

24 June 2022 - The deadline for submitting bids for the award of premiums is July 4, according to the public call published by HROTE

EP votes protect EU industry after CO2 border tax fully implemented

EP votes to protect EU industry even after CO2 border tax is fully implemented

23 June 2022 - MEPs want to maintain free emission allowances for industrial producers in the EU after the CO2 border tax is fully implemented in 2030

Italy s Cingolani Wholesale gas price cap necessary stop manipulation

Italy’s Cingolani: Wholesale gas price cap is necessary to stop manipulation

22 June 2022 - Italian Minister Roberto Cingolani said his country's proposal to limit wholesale gas prices in the EU is gaining support

RWE Commerzbank offshore wind mid-sized firms mittelstand

RWE offers German companies ownership in its 1 GW offshore wind farm

22 June 2022 - RWE and Commerzbank intend to establish a 'Green Mittelstand Fund' to offer med-sized firms to secure supply of green electricity