Romania, FP is ready for the IPO of Hidroelectrica, but insists on double listing

, SEE Energy News

Fond Proprietatea, a minority owner of Romanian hydropower producer Hidroelectrica, said it was ready to convene a general meeting of shareholders as soon as possible to seek approval for an initial public offering of Hidroelectrica shares to complete the company’s listing in the fourth quarter of 2022, but insisted that for a successful listing it is necessary to take place both on the Bucharest Stock Exchange (BVB), as the main market, and on the international capital market, for example on the London Stock Exchange.

Last month, shareholders of Hidroelectrica, Romania’s largest state-controlled electricity producer through the energy ministry, approved a listing of the company by selling shares in the Proprietate Fund.

The listing will be realized as a result of a secondary public offering of up to 19.94% of the total shares issued by the company, which is held by the Proprietate Fund.

FP estimates that it is possible to ensure that at least 50% of the shares are allocated to investors in BVB.

Hidroelectrica came out of bankruptcy in April 2017, which set the stage for its listing on the Bucharest Stock Exchange.

In May 2020, Hidroelectrica announced that it had selected STJ Advisors Group Limited as its capital advisor and Dentons Europe SPARL as its legal advisor for the planned IPO.

Hidroelectrica is majority owned by the Romanian state, which holds 80.06% of the shares, while the Proprietate Fund has a 19.94% stake. The company has 209 hydropower plants in its portfolio with a total installed capacity of 6,482 MW. It also operates a 108 MW wind farm in Constanta County.


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