* Nuclearelectrica, below the minimum price of the IPO after two weeks
* Subscriptions of 14.5% of the small tranche, in the first day, in the Romgaz IPO
The true test for the Romanian stock market is the Romgaz IPO, on which the hopes are pinned to help revive the liquidity and to draw in new investors and issuers. These hopes have been reiterated obsessively by brokers, like in the principle "when you want something, the entire Universe conspires to fulfill your wish". Except that the "Universe" did precisely the opposite, if we look no further than one month later: the rights for Nuclearelectrica fell below the price of the IPO, to say nothing of the failure of the Adeplast IPO.
Under these circumstances, the hopes concerning the turnaround of the market are just lies. Their true hope is just to do another small time deal.
Romgaz is still the biggest producer of natural gas in Romania, so if this company doesn't wake up the stock market, nothing will.
The Romgaz offer was launched in a great rush: the price interval was approved on Friday in the government meeting (24-32 lei/share), the prospectus was approved on Friday night by the ASF and posted over the weekend, and the subscriptions have begun yesterday, without an official launch in a press conference, as was customary. To be honest, the delegated minister for Energy Constantin Niţă had more important things to do, namely to show himself off in the United States, together with the Prime Minister at meetings with companies in the sector.
That's alright, because Goldman Sachs is working for us. It's not for nothing that the state has lowered its demands to just 312 million Euros for 15% of Romgaz, from 600 million Euros this summer.
The small investors have gotten to work starting yesterday, even though they are still receiving a discount compared to the institutional
