Romania’s largest electricity producer will start trading on the Bucharest Stock Exchange, directly in the BET index from 12 July, under the symbol H2O. The offer price was set at 104 lei per share, implying a market capitalization of 46.8 billion lei (9.4 billion euros). Retail investors were entitled to a 3% discount, for a final offer price of 100.88 lei per share for this segment.

According to Hidroelectrica, the offer has been oversubscribed several times, with high demand from both global investors and Romanian investors. As a result, the company decided to reallocate shares from the institutional investor tranche to the retail investor tranche. Thus, 71,766,542 shares (80%) were allocated to institutional investors and 17,941,635 shares (20%) were allocated to retail investors. The pro rata allocation factor calculated for the retail investor tranche is 0.3209762650.

“We have an extraordinary business that enjoys a unique opportunity – as the leading electricity generator in Romania with a 100% renewable energy portfolio – to drive the creation of more value as we help the country make the energy transition,” said Bogdan Badea, CEO of Hidroelectrica. “As a public company, we look forward to keeping shareholders updated on our strategy focused on operational efficiency, diversification and business expansion with the aim of delivering long-term benefits to all stakeholders.”