Retail investors subscribed from the first day of the initial public offering (IPO) of Electrica more than 60% of the shares available to them, more than half of the shares being subscribed by orders targeting a guaranteed package of maximum 1,000 shares, according to stock brokers.

The IPO that Electrica started for selling 51%  of its shares started on Monday, June 16, and will end on June 25, and on the small retail tranche are available 7% of the shares, while large retail investors can buy 8% of the shares. Minister for Energy, Răzvan Nicolescu, said he hopes the offer to be completed on or around June 26, and the actual listing to be on July 3.

Offer starts at prices ranging from 11 lei/share and 13.5 lei/share, the company aiming to attract minimum 435 million euros. Final selling price will be determined based on the subscriptions of institutional investors, who can place orders at prices that are placed in price range mentioned.

Small retail investors can buy shares at a lower price,and to them will be granted a 5% discount, depending on the number of shares subscribed and the period of placed orders.

This would be the largest public offering ever deployed on Bucharest Stock Exchange (BSE), even the minimum price will surpass the operation in which the state sold last year a 15% stake in Romgaz for 1.734 billion lei (about 391 million euros).