The offer of government to sell 15% of "Transgaz" (symbol: TGN) ended yesterday at 13:00, but the brokers did not announce its outcome until the closing of the edition.

Some of the brokers in the market are expecting this offer to be successful and they are hoping that it will boost the market in the coming period and will send a signal for the future offers of the state.

Others, however, are not so optimistic, thinking that if the results were good, they would have been announced immediately.

Subscription on the tier of the institutional investors, which represent 85% of the offer and which will provide the final price, were secret. Yesterday, the brokerages had to order the subscriptions and to handle the allocation of the shares.

Yesterday at the close, subscriptions on the tier of small investors (7% of the offer) were 3.4% greater than the number of allocated shares, and the subscriptions on the major investor tier (8%) were 2.5 times greater than the number of shares offered.

The price asked by the state for the 1.7 million shares of "Transgaz" ranges between 171 lei and 230 lei.

The selling price of the shares by the institutional investors will be equal to the highest price at which the shares on offer on the tier of institutional investors is oversubscribed at 150%, or, if such a price does not exist, the sale price for that tier will be equal to the price at which the tier of the institutional investors is subscribed at the immediate first level of subscription below 150%, as the case may be. If the subscription rate is less than 150%, the final price will be equal to the minimal price of 171 lei.

If the final price of the offer gets set at 171 lei, the tier of the major retail investors is expected to amount to 24 million lei, and the segment of the institutional investors is 256.7 million lei.

At the maxim