BUCHAREST, Aug 23 (Reuters): The initial public offering of Romanian state-owned hydropower producer Hidroelectrica will take place by the end of June 2023, the government said on Monday, later than initially planned.
The listing, to which the government will not contribute shares, will be carried out by the company's sole minority shareholder, investment fund Fondul Proprietatea.
The fund had planned to list at least a 15 per cent stake out of its 20 per cent holding in the company by Nov. 15.
However, last month news website Profit quoted a company executive as saying the IPO could get pushed back till February.
The listing also benefits the government, which has committed last year to take the company public by mid-2023 as part of targets agreed with the European Union for its post-pandemic recovery and resilience funds package.
Various state plans to list Hidroelectrica shares have been around Buchafor nearly 15 years.
The fund is advocating for a dual listing in Bucharest and London, saying it would maximize the company's valuation, but the government only supports a local IPO.
Romanian Hidroelectrica's IPO expected by mid-2023
FE Team | Published: August 24, 2022 00:24:35
Romanian Hidroelectrica's IPO expected by mid-2023
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