Romania's Premier Energy shares surge 5.1% on stock exchange debut (updated)

Premier Energy

28/05/2024 08:20

(Adds details, comment)
       BUCHAREST, May 28 (Reuters) - Shares in Romania-based
energy group Premier Energy  ROPE.BX , owned by Czech investment
firm Emma Capital, rose 5.1% as it traded for the first time on
the Bucharest Stock Exchange on Tuesday.    
    Shares traded at 20.65 lei at 0711 GMT, up from the IPO
price of 19.50 lei, which had valued the company at 2.4 billion
lei ($525.10 million).
    The listing of a 28.75% stake in the renewable energy
developer follows the Bucharest listing of state-owned hydro
power producer Hidroelectrica  ROH2O.BX  last year, one of
Europe's largest IPOs.
    The company has 1,000 megawatts (MW) of green projects under
ownership, management or in development in Romania and Moldova,
and also supplies and distributes gas and electricity.     
    It aims to use the proceeds from the IPO, which totaled
roughly 695 million lei before tax, to make further renewable
energy acquisitions and projects.  
    In March, it told Reuters it aimed to boost its renewable
energy portfolio to 1.5 gigawatts (1,500 MW) over the next two
to three years.

 (Reporting by Luiza Ilie
Editing by Bernadette Baum)
 ((luiza.ilie@thomsonreuters.com; +4021 527 0312; https://www.reuters.com/journalists/luiza-ilie))