Romanian structure gifts discount to funds
The bookrunners of the L164.7m ($49.8m) Transelectrica secondary public offer were on Thursday celebrating Romania’s first successful capital markets privatisation deal of the year — but not without regrets. The deal structure and demand dynamics — it used a controversial open book, Dutch auction-style system — led to the unfortunate spectacle of thousands of retail investors paying more for their shares than a handful of international institutions.
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