Countdown starts for Transgaz

Transgaz will sell its shares at a price of 191.92 RON/share, with the public offering in view of floatation on the Stock Exchange to be carried out in the November 26 – December 7 period. The National Securities Commission (CNVM) approved the final offering prospectus yesterday, a week after the company had sent it for approval. The sales price puts the whole offering at 65.7 million euros. The Transgaz offering is the biggest share sale conducted by a Romanian company in view of floatation on the Stock Exchange, and also the only listing since the beginning of this year. Transgaz will sell over 1.17 million shares on the Stock Exchange, accounting for 10% of its capital. The shares will be offered for subscription in two stages: 60% of the total number of shares will be allocated to investors with subscriptions of over 500,000 RON, with the rest going to small subscriptions, which will include subscriptions ranging from 2,000 to 500,000 RON. The investors will be able to subscribe the shares at the headquarters of Raiffeisen Capital & Investment, the broker of the offering, as well as at Raiffeisen Bank and Intercapital Invest, which are part of the distribution group for the offering. The shares will be allocated on a pro rata basis, proportionate to the number of shares subscribed by each investor. Brokers and analysts on the market are expecting the offering to be significantly oversubscribed, given that, after Transelectrica’s offering resulted in a spectacular increase in the value of its shares following its listing in the summer of last year, investors expected the same thing to happen with Transgaz, considering the similarities between the two companies.