Europe’s Biggest IPO Raises $1.8 Billion for Templeton-Led Fund
- Romania’s Hidroelectrica stake sold near middle of price range
- IPO paves way for Bucharest bourse upgrade, more EU funds
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Franklin Templeton-managed Fondul Proprietatea raised 8.1 billion lei ($1.8 billion) in Romania’s largest ever initial public offering and this year’s biggest share listing in Europe.
About 78 million shares, or 17.3%, in hydropower utility Hidroelectrica SA will be sold at 104 lei each in the IPO, close to the middle of the indicated range, according to a regulatory statement on Wednesday. Romania’s biggest producer of electricity is set to start trading on the Bucharest Stock Exchange on July 12.