Romania, FP to delay Hidroelectrica’s IPO to 2023, SEE Energy News
Vice President of investment fund Fondul Proprietatea (FP) Marius Dan said that, given the current progress of preliminary procedures, it is very likely that the initial public offering (IPO) of electricity producer Hidroelectrica, initially planned for 15 November, will be delayed for February next year.
Dan said that the fund is still working to carry out the listing as soon as possible, but the 15 November deadline is no longer feasible. Furthermore, FP is not ready to sell part of its shares in Hidroelectrica at any price, adding that the shares will be listed at the best time based on the best financial results.
At the end of June, FP valued Hidroelectrica at 12.5 billion euros.
In early 2022, Minister of Energy Virgil Popescu said that FP will list at least 15 % of shares of majority state-owned electricity producer Hidroelectrica on the Bucharest Stock Exchange as soon as possible, without waiting for the Government to join in. However, FP has been arguing for a dual listing, both on the Bucharest Stock Exchange (BVB) and the London Stock Exchange. FP currently holds 20 % stake in Hidroelectrica.