The shares put up for sale by Transelectrica were oversubscribed by about 5.6 times, according to preliminary data available after the closing of the offer. Investors put orders on the market for about 195 million euros (700 million RON) in shares. The value of the offer is about 34.2 million euros (123.14 million RON).
Under the circumstances, the Transelectrica offer is the best of the last few years by far. It clearly exceeds last year's offering of IT&C retailer Flamingo International, which was oversubscribed by 3.2 times and that of Broker securities firm (2004), oversubscribed by about 3 times.
"According to the latest information available after the conclusion of the offer, the portion allocated to big investors had been oversubscribed by 7 or 8 times and oversubscription for the portion allocated to small investors was of 3 to 3.5," stated Razvan Purdila, head of the Capital Market department of Transelectrica.
Transelectrica put up for sale about 7.33 million shares at 16.8 RON/share. Sixty percent were offered for subscription to big investors, which clamoured to buy shares worth over 500,000 RON (140,000 euros), while the remaining 40% were offered to small investors.
Romanian investors displayed a keen interest in Transelectrica's offer, with the most important of those to have subscribed being the five SIFs, which bought significant stakes.
The biggest investor, however, was BCR, which subscribed 35 million euros' worth of shares, according to the information provided by Purdila. The foreign investors to have subscribed include investment fund Broadhurst, and funds belonging to Alpha Bank and Raiffeisen Bank, which brokered the offering along with BRD.
There were about 4,000 small investors, which subscribed shares worth 42 million euros. The number of investors is about one third of the active investors on the Buchar