Romgaz lights up on first day of trading

Romgaz lights up on first day of trading

Published: November 12, 2013

Romanian gas producer’s shares up 19% this morning.

Romgaz, the Romanian national gas producer, has performed strongly on its first day of trading.

At market opening its shares were priced at 35.85 lei (US$10.78), around 19% above the IPO price of 30 lei. Romgaz’s global depositary receipts also started trading today on the London Stock Exchange at an opening price of US$10.80.

The IPO, which closed on November 1, saw 15% of the company sold for US$534mn, the top end of the guidance range. Erste Bank and Goldman Sachs were joint global coordinators and joint bookrunners, with Commercial Bank of Romania and Raiffeisen Capital & Investments acting as domestic lead managers.