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Clifford Chance, Filip & Company, and Dentons Advise on Hidroelectrica RON 9.3 Billion IPO

Clifford Chance, Filip & Company, and Dentons Advise on Hidroelectrica RON 9.3 Billion IPO

Romania
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Clifford Chance has advised the underwriters of Hidroelectrica's RON 9.3 billion initial public offering. Filip & Company advised Fondul Proprietatea on the sale of its entire shareholding during the IPO. Dentons advised Hidroelectrica on the issuance and listing on the Bucharest Stock Exchange.

The underwriters included joint global coordinators Erste Group Bank, Citigroup Global Markets Europe, Jefferies, and Morgan Stanley Europe, joint bookrunners Banca Comerciala Romana, Barclays Bank Ireland, BofA Securities Europe, UBS Europe, UniCredit Bank, and Wood & Company Financial Services, and co-lead managers Auerbach Grayson, BRD – Groupe Societe Generale, S.S.I.F. BT Capital Partners, and S.S.I.F. Swiss Capital.

Hidroelectrica is the largest electricity producer in Romania, with the majority of its shares owned by the Romanian state. It focuses on hydropower generation and related services. Its Bucharest Stock Exchange symbol is H2O.

Hidroelectrica's Rule 144A/Regulation S initial public offering amounted to approximately EUR 1.9 billion. According to Filip & Company, this is the largest IPO in the history of offers held so far in Romania and the largest IPO in Europe this year. "The initial public offer for the listing of shares on the Main Market of the Bucharest Stock Exchange took place between June, 22 and July, 4. Hidroelectrica closed the IPO with an anticipated market capitalization of RON 46.8 billion (EUR 9.4 billion), becoming the highest-value company listed on the Bucharest Stock Exchange."

The Clifford Chance team included Bucharest-based Partner Madalina Rachieru-Postolache, Senior Associate Gabriel Toma, and Associate Nicolae Grasu, as well as further team members in London and Frankfurt.

The Filip & Company team included Partners Alexandru Birsan and Olga Nita and Associate Anca Badescu.

The Dentons team included Bucharest-based Partners Loredana Chitu, Claudiu Munteanu-Jipescu, Bogdan Papandopol, Simona Marin, Liviu Togan, and Raul Mihu, Senior Counsel Oana Voda, Counsels Elena Vlasceanu, Argentina Rafail, Cristina Marcu, Oana Ionascu, Maria Tomescu, Diana Ceparu, Alin Serea, and Bianca Isache, Senior Associates Angelica Pintilie, Andreea Predescu, Luiza Onofrei, Andrei Orbesteanu, Simona Moisa, and Isabela Gheorghe, Associates Alin Roca, Alin Dimache, Mihut Radu, and Iulia Titirisca, and Paralegal Andrei Marinescu, with further lawyers in London and San Francisco.

Dentons at a Glance

Dentons is the world's largest law firm, connecting talent to the world's challenges and opportunities in more than 75 countries. Dentons' legal and business solutions benefit from deep roots in our communities and award-winning advancements in client service, including Nextlaw, Dentons’ innovation and strategic advisory services. Dentons' polycentric and purpose-driven approach, commitment to inclusion and diversity, and world-class talent challenge the status quo to advance client and community interests in the New Dynamic.

Dentons is one of the leading law firms in CEE/CIS, with offices in Warsaw, Prague, Budapest, Moscow, Bucharest, Bratislava, Kyiv, Baku, Almaty, Astana, Tbilisi and Tashkent. With a legacy of supporting local and international clients in Central and Eastern Europe since the early 1990s, we have the experience and market insight to help clients close deals, resolve disputes and do business in the key markets across the region.

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