* Banks have granted credit facilities for subscribing in the Romgaz IPO

* "We will make sure that this phenomenon doesn't happen again", the head of the privatization division of the Energy Department

* 5% of the number of shares in the IPO will be automatically moved to the small tier

Small investors have set aside 941.59 million Euros for the Romgaz IPO, according to data sent in by the brokers by 18:00 yesterday. Demand was double the value of the stake put up for sale by the state and over 15 times the segment which was allocated to them. The number of orders soared yesterday, on the last day of the IPO, when the schedule ended at 13:00, after the small tier had been oversubscribed 5.4 times on Wednesday. Banks have offered their customers credit facilities to allow them to subscribe in the IPO. Given the oversubscription, investors had the possibility to raise the amounts of the order, in order to ensure that they get a stake of a size as close to the one that they wanted as possible, without having to bring in their own money.

Gabriel Dumitraşcu, the head of the privatization division of the Energy Department, told us that the rise of the subscription rate on the last day of the IPO is speculative.

He said: "I don't think it is beneficial for the health of the stock market to have well-versed people speculate to the detriment of the small investors of good faith, to make sure that they get as many shares as they wish. We have to act drastically so that this phenomenon doesn't happen again".

According to the prospectus of the Romgaz IPO, if both tiers are oversubscribed at the end of the IPO, and the percentage of oversubscription of the small investor tier is two times higher than the on the institutional investors tier, a block of shares representing 5% of the IPO, will be automatically relocated from the major investor tie