Major investors subscribed for a mere 1.7% of Transgaz shares

Some 0.7 million shares were allocated to institutional investors, or 60 percent of the total IPO. This means 60 percent of all shares are being offered to investors who will be buying in excess of RON 500,000, while the rest will be for investors acquiring less. Anyone who is not able to obtain the desired number of shares in this offer will be able to purchase a right to allocate shares as of 19 December. Such an instrument is being traded for the first time in Romania, with the right of allocation being convertible to a share.

Small investors, who were allocated 40 percent of the Transgaz IPO, subscribed for 52.5 percent of that stock, or 21 percent of the total offer.

After the first week of subscriptions, investors purchased a total of Transgaz shares worth €14.7 mln, with the total offer amounting to €65 mln.

Transgaz is the largest IPO carried out by a Romanian company to date, and the company is putting up for sale 10 percent of its share capital.