Transparent Transelectrica tests open book theory

25 Mar 2012

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.

The Bucharest Stock Exchange (BVB) web page showing the real-time status of subscriptions is here.

The system has been used for domestic Romanian transactions before, so local institutions are familiar with the process, but the 30 or so foreign institutional investors visited on the road show may find ...

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