The public offering of "Transelectrica" (symbol: TEL) has been oversubscribed by 34.18%, with the highest interest coming from retail investors who subscribed 2.844 million shares of TEL (258.71% of their allocated tranche) at prices ranging between 14.90 and 19.20 lei/share.
By the final day of the offering, investors subscribed 11.908 million shares of TEL (120.34% of the tranche that was allocated to them) at a top price of 16.10 lei/share.
During Monday's session, 54.98% of the offering had been subscribed, whereas, in order to make the trade successful, it was necessary for 70% to be subscribed.
The final price for the sale of the stake of 15% of the shares of TEL will be set in the next two days.
In order to calculate the allocation price, the subscriptions will be arranged in descending order, until the offering will be completed.
The representatives of the intermediation consortium have said that the shares subscribed at a price higher than the offering price will be fully honored .The remaining shares will be prorated at a price equal to the SPO price, using the algorithm of the Bucharest Stock Exchange.
* Ovidiu Dumitrescu, "Tradeville": The success of "Transelectrica" depended on the granted discount
Ovidiu Dumitrescu, analyst at "Tradeville", considers that the most important benefit which the SPO of TEL had compared to that of the SPO of "OMV Petrom" last year was the significant discount which it offered compared to the price the stock is trading at.
In his opinion, the market context is also favorable.
"The influence of the favorable context on the international markets was extremely important, even though it wasn't decisive", he said, and he went on to say: "There are still uncertainties, but the general perception seems to favor risky assets, such as stocks".
Ovidiu Dumitrescu considers that
