Hidroelectrica Seeks Legal Adviser for Future IPO

Romanian state-owned power producer Hidroelectrica has launched procedures to acquire legal services in view of an initial public offering and is prepared to pay EUR700,000 net of VAT.

The company said it expects bids by March 6.

“Hidroelectrica is taking steps towards stock market listing,” said company CEO Bogdan Badea.

Hidroelectrica is expected to select an equity adviser under a EUR1.75 million contract. Lazard, STJ and Deloitte have signed up to provide equity advisory services by the February 10 deadline.

“We plan to use the capital raised on the stock market to develop and consolidate the company and we hope Romania enters an age of stability and legislative predictability to restore investor confidence,” said Badea.

Hidroelectrica posted a turnover of RON3.3 billion in the first nine months of 2019 and a net profit of RON1.3 billion. Fondul Proprietatea, which owns 20% in the power producer, assess its stake at around EUR4.14 billion, which places the company's value at around RON20.6 billion.