Filip & Company assisted Fondul Proprietatea with respect to the sale of its entire shareholding within the initial public offer of S.P.E.E.H. Hidroelectrica S.A. amounting in total to RON 9.3 billion (including the additional shares that may be over-allotted for stabilisation purposes). This is the largest IPO in the history of offers in Romania so far and the largest IPO in Europe this year.
The initial public offer for the listing of the shares on the Main Market of the Bucharest Stock Exchange took place between 22 June and 4 July. Hidroelectrica closed the IPO with an anticipated market capitalization amounting to RON 46.8 billion (EUR 9.4 billion), becoming the company listed on the Bucharest Stock Exchange with the highest value.
“First and foremost, it is a transaction that firmly places Romania among the major capital markets in Europe – the size of the offer and the anticipated capitalization speak for themselves and show us that truly great transactions can be concluded in Bucharest. It is also a phenomenal achievement for all parties involved – seller, issuer, banks and consultants, which comes after a lot of hard work and perseverance. We congratulate Fondul Proprietatea and thank them for their trust and excellent teamwork and we are pleased to have had the opportunity to once again help achieve a record-breaking IPO.”, said Alexandru Bîrsan, Partner and Head of M&A and Capital Markets at Filip & Company.
The Filip & Company team that assisted Fondul Proprietatea in this project was coordinated by Alexandru Bîrsan and included Olga Niță (Partner) and Anca Bădescu (Associate).
Over the last years, Filip & Company was successfully involved in many benchmark transactions on the Romanian capital market, whether they were share or bond offers, as well as in all the bond issues of the Romanian State on the external markets. The Filip & Company lawyers are ranked first in the most prestigious international directories – Chambers and Partners, Legal 500 and IFLR in the Capital Markets practice, both as a team as well as individually, and Alexandru Bîrsan is included in the Legal 500’s “Hall of fame” for this practice area.
