November 1, 2013 / 8:38 AM / 7 years ago

Romania sells 15 pct of gas producer Romgaz in oversubscribed IPO

BUCHAREST, Nov 1 (Reuters) - Romania sold a 15 percent stake in state-controlled natural gas producer Romgaz, raising 1.7 billion lei ($521 million) in a heavily oversubscribed initial public offering, a consortium of advisers said on Friday.

“Energy has won the privatisation bet this year,” Gabriel Dumitrascu, the head of the energy ministry’s privatisation unit, told reporters. “Three of the top 10 U.S. funds, the same for the UK, are among the shareholders.”

Following the IPO, the company is valued at $3.6 billion.

Romgaz GDRs will be listed to trade on the regulated market of the London Stock Exchange on Nov. 12 when its shares will also start trading on the Bucharest Stock Exchange.

The IPO, in which 60 percent of shares and GDRs were sold to foreign institutional investors, is part of a wider privatisation plan agreed with the International Monetary Fund, which has led aid deals for the country since 2009. ($1 = 3.2636 Romanian lei) (Reporting by Luiza Ilie and Ioana Patran; writing by Radu Marinas)

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