Romania: Premier Energy closes IPO at 490 million euros valuation

Energy group Premier Energy said that its initial public offering (IPO) at the Bucharest Stock Exchange in Romania has been priced at RON 19.50 per share, with the transaction raising RON 695.1 million (EUR 139.6 million) in gross proceeds, including over-allotment.

Premier alone placed just above 25 million new shares in the offering, saying it will use the funds to buy and develop renewable energy assets in Romania and Moldova, for new renewable energy assets development and dividend distribution.

Priced close to the lower end of the marketed price range of RON 19.00 to RON 21.50 per share, the IPO implies a total equity valuation of RON 2.4 billion for Premier.

The company’s owner, EMMA Capital, sold about 6.25 million existing shares. The Czech investment firm remains a majority shareholder with a stake of 71.25% in the business following the IPO.

Including the overallotment option provided by EMMA, more than 35.9 million new and existing shares were provided for the transaction, representing 28.75% of the company’s total issued share capital.

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