Thursday, June 20, 2013

Romania govt sets price range for Nuclearelectrica's July IPO

(Reuters) - Romania's leftist government has set a price range of 11.2-15 lei per share in the initial public offering of a 10 percent stake in state-owned nuclear power producer Nuclearelectrica, the energy ministry said on Wednesday.

Energy Minister Constantin Nita said earlier in the day that the cabinet aimed to get up to 350 million lei ($104.43 million) from the sale, but declined to give a price range. The listing is expected in early July.

It is the first IPO of a state-owned company since the 2007 listing of a minority stake in gas grid operator Transgaz and part of wider privatisation committments agreed under an aid deal led by the International Monetary Fund.

Romania owns a 90 percent stake in the firm, with investment fund Fondul Proprietatea holding the remaining 10 percent, which it valued at 147 million euros, or just under 5 percent of its net asset value.

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