Bogdan Badea, general manager of Hidroelectrica, the largest electricity producer in Romania, says that in a few days, a maximum of a week, the consortium of banks will be announced for what could be the largest share sale offer in history Bucharest Stock Exchange. The announcement will probably be made together with Fondul Proprietatea, shareholder with 20% of Hidroelectrica and the one that will sell the package.
"It will be a solid consortium with national and international reputation that will take care of this listing process. We are waiting with great interest for the institutional investors from Romania to participate in this listing process, not only from the perspective of the citizen who prefers to place his savings in the capital market area and not to put them in the bank, but also from the perspective of the funds of pensions present in Romania", says Badea at a conference organized by the publication DCNews.
"Hidroelectrica is not for sale", he continues. "The listing will allow all Romanians access to Hidroelectrica. It is a company that has grown a lot in recent years. We tried to focus on what the development of the company means. Growth both from the point of view of liquidity and financial performance, as well as from the point of view of the investment plan", said Badea.
Hidroelectrica, the country's largest electricity producer and the most profitable company in the Romanian state's portfolio, ended the first semester of 2022 with revenues of 4.7 billion lei, up 48% compared to the same period in 2021 in that the net profit increased by 56% to 2.6 billion lei. Thus, the pearl of Romanian energy had a profitability margin of 55%.
"It will be a solid consortium with national and international reputation that will take care of this listing process. We are waiting with great interest for the institutional investors from Romania to participate in this listing process, not only from the perspective of the citizen who prefers to place his savings in the capital market area and not to put them in the bank, but also from the perspective of the funds of pensions present in Romania", says Badea at a conference organized by the publication DCNews.
"Hidroelectrica is not for sale", he continues. "The listing will allow all Romanians access to Hidroelectrica. It is a company that has grown a lot in recent years. We tried to focus on what the development of the company means. Growth both from the point of view of liquidity and financial performance, as well as from the point of view of the investment plan", said Badea.
Hidroelectrica, the country's largest electricity producer and the most profitable company in the Romanian state's portfolio, ended the first semester of 2022 with revenues of 4.7 billion lei, up 48% compared to the same period in 2021 in that the net profit increased by 56% to 2.6 billion lei. Thus, the pearl of Romanian energy had a profitability margin of 55%.
Regarding the listing of the company, Fondul Proprietatea mentions in the semi-annual report that it appointed Rothschild & Co as advisor for the equity part and Filip & Company and Linklaters LLP for the legal part of the transaction.
"The next steps will be the appointment by Fondul Proprietatea of the bank consortium (selection is underway). Regarding the calendar, the Fund aims to complete the listing as soon as possible, targeting the end of November 2022 as the first window of opportunity and, if not possible, the end of the first quarter of 2023. The Romanian State has committed, within the PNRR, to list Hidroelectrica until the end of the first semester of 2023".
The fund values the holding of 20% in Hidroelectrica at approximately 12.6 billion lei, which means that the state company is valued at approximately 63 billion lei. The evaluation is carried out with the help of KPMG.
Author: Liviu Popescu