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Sunday, February 26, 2017 
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Recent IPOs

  • Symbol: EL
  • Largest Romanian IPO ever
  • 6th largest listed Romanian company at BVB
  • Offer value: EUR 444 mn; RON 1.95 bn
  • Share price for institutional investors: 2.5 EUR/share; 11 RON/share
  • Shares offered: newly-issued shares accounting for 105% of the initial share capital
  • Subscription period: 16-25 June 2014
  • Initial Offer structure - 3 tranches: 85% institutional investors (as shares and GDRs), 15% in two tranches for retail investors: large retail investors (as shares and GDRs) and small retail investors (shares)
  • The guaranteed subscription up to 1,000 shares for small retail investors; the discount of 5% for subscriptions in the first 5 days of the offering for small retail investors
  • Closed book for the institutional tranche
  • Oversubscription: by approximately two times, a reallocation of 6% more shares to retail investors
  • Shares started trading on 4 July 2014
  • Intermediaries: Citigroup, Raiffeisen Capital & Investment, BRD-GSG, Societe Generale and Swiss Capital
  • Symbol: SNG
  • Largest Romanian secondary initial public offering ever
  • 2nd largest listed Romanian company at BVB
  • Offer value: EUR 383 mn; RON 1.7 bn
  • Share price for institutional investors: 6.77 EUR/share; 30 RON/share
  • Shares offered: 15% stake sold by the Romanian State
  • Subscription period: 22-31 October 2013
  • Offer structure: 2 tranches, as shares and GDRs, 85% for institutional investors, 15% for retail investors, with discounts 3% or 5% up, depending on the day of subscription
  • Closed book for the institutional tranche
  • Oversubscription of 17.7 times for the retail tranche, which influenced the reallocation of retail tranche to 20% of the IPO
  • Shares started trading on 12 November 2013
  • Intermediaries: Goldman Sachs, Erste Group Bank, BCR, Raiffeisen Capital & Investment and Intercapital Invest
  • Symbol: SNN
  • Offer value: EUR 63 mn; RON 281.8 mn
  • Share price for institutional investors: 2.51 EUR/share; 11.2 RON/share
  • Type of transaction: IPO
  • Shares offered: capital increase by 11.08%, of which a 10% stake was put up for sale
  • Subscription period: 9-20 September 2013
  • Offer structure: 3 tranches, 85% for institutional investors, 15% in two tranches for retail investors, with discounts 3% or 8%, depending on the day of subscription
  • Closed book for the institutional tranche
  • Oversubscription of 5.6 and 3.7 times for the two retail tranches (small subscription tranche fully subscribed by the end of day 2)
  • Shares started trading on 4 November 2013
  • Intermediaries: Swiss Capital and BT Securities
Disclaimer: Amounts in EUR were calculated according to the reference rate RON/EUR published by the National Bank of Romania on the last day of the offerings