•  
  •  
  •  

Romania's Hidroelectrica opens new tender for IPO adviser

Iron Gates hydropower plant. Author: Espino Family. Licence: Creative Commons, Attribution.

BUCHAREST (Romania), March 5 (SeeNews) - Romania's Hidroelectrica has launched a new tender for a 1.75 million euro ($1.95 million) contract for equity advisory services in view of an initial public offering, a notice in Romania's electronic system for public procurement, SEAP, shows.

Hidroelectrica has dismissed all bids in the previous tender launched in January, it said without elaborating in a tender notice posted on Tuesday.

Bids in the new tender should be submitted by April 6.

In February, local media reported that the European Bank for Reconstruction and Development (EBRD) is interested in acquiring a 5% stake in Hidroelectrica.

"We support the listing of the company on the Bucharest Stock Exchange. We have a letter of intent from the EBRD which wants to be part of the pre-listing procedure by acquiring a 5% stake," daily Ziarul Financiar quoted economy and energy minister Virgil Popescu as saying at the time.

The company exited insolvency In April 2017, which paved the way for its listing on the Bucharest Stock Exchange expected to be the biggest in Romania’s history. The initial public offering of a 15% stake in Hidroelectrica is expected to raise 1 billion euro, the court-appointed administrator of the company said at the time.

Hidroelectrica is 80.06% owned by the Romanian state, while investment fund Fondul Proprietatea owns 19.94%.

($ = 0.8974 euro)

More stories to explore
5 / 5 free articles left this month
Get 5 more for free Sign up for Basic subscription
Get full access Sign up for Premium subscription