Romania Seeks $425 Million From Romgaz in Its Biggest IPO

Romania plans to raise at least 1.38 billion lei ($425 million) through the sale of a minority stake in Romgaz SA its largest natural-gas producer, in the country’s biggest initial public offering. The government will sell 57.81 million shares, or a 15 percent stake, in Romgaz at a range of 24 lei to 32 lei per share, Energy Minister Constantin Nita told reporters in Bucharest today. It will sell shares directly to investors from Oct. 21 to Oct. 31 on the Bucharest bourse and through global depositary receipts in London,Gabriel Dumitrascu, head of the Energy Department’s asset-sale program, said at the briefing.

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