The company’s value exceeds that of national energy transportation Transelectrica, whose value reached €473.48 million on the first day on BVB, 2.2 times more than its initial €207.68 million value. Brokers estimate that the offer will be a real success, and they expect that the value of Transgaz will rise 30 percent, to €850 million, on the first day on BVB.
“Investors have the Transelectrica example, a company that increased by 60 percent in the first day. Depending on how much the company will be oversubscribed, its shares could appreciate by at least 30 percent,” said BRD Securities Deputy General Manager, Daniel Pocorea. BT Securities Manager Rares Nilas concurs with this forecast. “Subscription volume will be high. I expect a 30 percent advance on the first day, and a one to three oversubscription,” said Nilas.
Capital market analysts believe that Transgaz’s public offer will determine higher interest than other international public offerings on the stock exchange, since investors have long been waiting for this opportunity. “The offer is greatly awaited on BVB, and I expect large investors to oversubscribe 15, even 20 times, while smaller investors will oversubscribe 10-12 times,” said Finans Securities Manager, Adrian Simionescu.The highest initial public offering oversubscription on BVB was 16 times for Alumil.
Romania’s largest company, Petrom, is interested in acquiring Transgaz shares, viewing this as an excellent opportunity, while Gaz de France, owner of local natural gas distributor, Distrigaz Sud, told Business Standard it is not interested in acquiring minority share packages. E.On Gaz had not made its intentions public by the closing of this edition. “Transgaz is an important player, Petrom’s Deputy CEO, Werner Schinhan, said yesterday.
