The largest ever Romanian initial public offering
LONDON, November 13, 2013 — BNY Mellon, the global leader in investment management and investment services, has been appointed by S.N.G.N. Romgaz S.A. as depositary bank for its Global Depositary Receipt (GDR) program which listed on London Stock Exchange (LSE) this week. Each Romgaz GDR represents one ordinary share and trades on LSE under the symbol "SNGR."
Romgaz is the largest natural gas producer and supplier in Romania, and its core business segments include: gas exploration and production, gas supply, underground gas storage and electricity production. Romgaz currently operates 3,257 gas producing wells which access 147 commercial fields, as well as 29 exploration wells in nine on-shore exploration blocks.
"This is a significant milestone in Romgaz's strategy to become a regional leader in energy exploration, production and supply," said Virgil Marius Metea, CEO of Romgaz. "Our IPO received high-quality institutional demand from all regions in which the securities were offered. The successful pricing of our offering is a clear endorsement of the Romgaz investment case and reflects the strength of investor appetite for the Romanian gas growth story. We look forward to being listed on the Bucharest Stock Exchange and the trading of our GDRs on the London Stock Exchange."
Sixty-four per cent of the offering is made up of shares listed on the Bucharest Stock Exchange and the remainder is made up of GDRs listed on the LSE.
"This is the largest Romanian IPO ever and the first Romanian privatization to include GDRs which will be traded on the London Stock Exchange," said Christopher M. Kearns, CEO of BNY Mellon's Depositary Receipts business. "We helped develop the country's GDR infrastructure, together with Romgaz and their advisors and regulators. We hope that this will provide a template for other Romanian companies looking to raise capital."
Romgaz GDRs have not been registered under the U.S. Securities Act of 1933 and may not be offered or sold in the U.S., absent registration or an applicable exemption from the registration requirements.
BNY Mellon acts as depositary for more than 2,700 American and global depositary receipt programs, acting in partnership with leading companies from 68 countries. BNY Mellon is committed to helping securities issuers access the world's rapidly evolving financial markets and delivers a comprehensive suite of depositary receipt services. Learn more at www.bnymellon.com/dr
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