Photo: Pixabay
Romania’s state-owned power utility, Hidroelectrica, will launch an initial public offering (IPO) on the Bucharest Stock Exchange in September 2020, local media reported.
According to Hidroelectrica CEO Bogdan Badea, the most profitable state-owned company in Romania plans to list 10% of its shares in IPO.
There is an option for dual listing, possibly in London
He said that shares will be listed on the Bucharest Stock Exchange, while there is an option for dual listing, possibly in London. Badea added that a final decision on the IPO depends on the Ministry of Energy.
In May, Hidroelectrica issued a public call to acquire legal services for conducting an IPO on the Bucharest Stock Exchange.
Hidroelectrica’s IPO was announced back in 2012 when even legal advisors were selected
A few weeks ago, the company revealed it was eyeing Czech energy company CEZ’s Romanian assets, as well as assets owned by Italian energy company Enel in Romania.
Romanian state owns 80% of Hidroelectrica’s shares, while the remaining 20% is in the hands of US investment fund Fondul Proprietatea
Hidroelectrica’s IPO was announced back in 2012 when even legal advisors were selected. However, the company entered insolvency proceedings and the IPO was postponed. There were several more delays of the IPO after this first one.
The Romanian state owns 80% of Hidroelectrica’s shares, while the remaining 20% is in the hands of US investment fund Fondul Proprietatea. In 2018, Hidroelectrica reported a record net profit, of RON 1.97 billion (about EUR 415.7 million).
Hidroelectrica is the largest Romanian power producer
Hidroelectrica is the largest Romanian power producer, with an average annual electricity output of 17 TWh, generated by 228 hydropower plants (HPPs), with a total installed capacity of 3,444 MW.
Be the first one to comment on this article.