Transparent Transelectrica tests open book theory

The last day of book-building on Tuesday will be crucial in determining the success of a high-risk approach taken by the managers of the $49m-$63m secondary public offer of Romania’s Transelectrica. The deal is being run with an open book that allows investors to see volumes and prices across the institutional and retail tranches — and which by the close in Bucharest showed it to be 55% covered.