Romania Announces Price Range for Romgaz's IPO
Romania announced on Monday more details about Romgaz’s initial public offering (IPO), disclosing a price between $7.38 and $9.84.
As part of the Romanian Government’s privatisation program, Romania is promoting the sale of up to 15% stake of Romgaz, the largest gas producer and supplier in the local market. The majority stake will remain in the hands of the Ministry of Economy (at least 70%), while Fondul Proprietatea will maintain its existing 15% interest.
According to a note released by the company, the retail offering commences on 22 October 2013 and is expected to close at 12 pm EET on 31 October 2013.
The IPO implies a market capitalisation for the company around $3 billion.