Romania floated 15% of gas producer Romgaz in 2013, its biggest Bucharest listing

Romgaz, Romania's biggest gas producer and supplier, produced 5.7 billion cubic metres of gas in 2012 — half the country's domestic output and 41.7 percent of consumption — from more than 3,000 wells. The state decided to sell a 15 percent stake in the company in the biggest offering ever held on the Bucharest Stock Exchange.

The offer ran from 21 to 31 October 2013, priced between 5.4 and 7.2 euros per share, with shares also sold in London through global depositary receipts — the first international listing of a Romanian state company. Small retail investors received a 15 percent tranche with five and three percent discounts in successive weeks.

Goldman Sachs International and Erste Group Bank ran the sale as joint global coordinators, with Banca Comercială Română and Raiffeisen Capital & Investment as domestic lead managers. The state targeted proceeds of between 311 and 416 million euros for the 15 percent stake.

Targeted €311-416 million for a 15% stake; subscribers who bought at the 5% retail discount gained 13-26% on the first trading day; state kept 70%.

Romgaz's genuine profitability and dominant market position made the minority sale attractive without a discount.

A simultaneous London GDR listing gave the IPO international visibility and pricing.

Retail discounts turned ordinary Romanians into owners of the energy champion.

Listing even a minority stake works when the asset is genuinely profitable — transparency, dividends and international bookrunners do the marketing.

Romgaz shares began trading on the Bucharest exchange on 12 November 2013, with buyers who used the 5 percent retail discount gaining 13 to 26 percent on the first day. The state kept a 70 percent stake and Fondul Proprietatea held 15 percent; the listing opened the way for other Romanian state companies to follow.