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Europe’s Largest IPO This Year Values Hidroelectrica At $10.2 Billion

Romanian electricity producer and provider Hidroelectrica said on Wednesday that the pricing of its initial public offering implied a market value of $10.2 billion (9.4 billion euros) for the company that has carried out Europe’s largest IPO so far this year.

Hidroelectrica’s offer has been priced at 104 Romanian lei per share, implying a market capitalization of 46.8 billion lei, or 9.4 billion euros, the company said in a statement.  

The offering was oversubscribed multiple times at the offer price, with strong investor demand from investors, including from Romania, Hidroelectrica added.

Settlement will take place on July 10 and Hidroelectrica’s shares are expected to start trading on the Bucharest stock exchange under the symbol “H2O” on July 12.  

“This is a significant milestone for both Hidroelectrica and Romania, which will support our company’s long-term development,” Hidroelectrica’s chief executive Bogdan Badea said in a statement.

“As Romania’s leading electricity producer with a 100% renewable energy portfolio, we aim to drive value creation as we help the country deliver on its energy transition.”

Hidroelectrica’s share offer was oversubscribed 4.7 times, the energy ministry noted.

Hidroelectrica’s listing in the largest-ever IPO on the Bucharest stock market and one of the largest regional IPOs in recent years is a historic success, Romanian Energy Minister Sebastian Burduja said. This success shows that the IPO was the right choice for the company, Burduja added.

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Hidroelectrica is one of the largest hydropower producers in Europe and generated 13.6 terawatt-hours (TWh) of electricity from hydropower sources in 2022. Last year’s hydropower production was down from 16.9 TWh generated in 2021 and 15 TWh in 2020, due to severe drought conditions in 2022. Hidroelectrica also supplies electricity to the Romanian wholesale and retail electricity markets and had an 8% retail market share as at the end of last year.

By Charles Kennedy for Oilprice.com

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