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News from Members Filip & Company assists Fondul Proprietatea in Hidroelectrica's initial public offer (IPO), the largest on the Romanian capital market

Filip & Company assists Fondul Proprietatea in Hidroelectrica's initial public offer (IPO), the largest on the Romanian capital market

by Filip & Company July 6, 2023

Filip & Company assisted Fondul Proprietatea with respect to the sale of its entire shareholding within the initial public offer of S.P.E.E.H. Hidroelectrica S.A. amounting in total to RON 9.3 billion (including the additional shares that may be over-allotted for stabilisation purposes). This is the largest IPO in the history of offers in Romania so far and the largest IPO in Europe this year.

The initial public offer for the listing of the shares on the Main Market of the Bucharest Stock Exchange took place between 22 June and 4 July. Hidroelectrica closed the IPO with an anticipated market capitalization amounting to RON 46.8 billion (EUR 9.4 billion), becoming the company listed on the Bucharest Stock Exchange with the highest value.

First and foremost, it is a transaction that firmly places Romania among the major capital markets in Europe - the size of the offer and the anticipated capitalization speak for themselves and show us that truly great transactions can be concluded in Bucharest. It is also a phenomenal achievement for all parties involved - seller, issuer, banks and consultants, which comes after a lot of hard work and perseverance. We congratulate Fondul Proprietatea and thank them for their trust and excellent teamwork and we are pleased to have had the opportunity to once again help achieve a record-breaking IPO., said Alexandru Bîrsan, Partner and Head of M&A and Capital Markets at Filip & Company.

The Filip & Company team that assisted Fondul Proprietatea in this project was coordinated by Alexandru Bîrsan and included Olga Niță (Partner) and Anca Bădescu (Associate).

Over the last years, Filip & Company was successfully involved in many benchmark transactions on the Romanian capital market, whether they were share or bond offers, as well as in all the bond issues of the Romanian State on the external markets. The Filip & Company lawyers are ranked first in the most prestigious international directories - Chambers and Partners, Legal 500 and IFLR in the Capital Markets practice, both as a team as well as individually, and Alexandru Bîrsan is included in the Legal 500’s “Hall of fame for this practice area.

Filip & Company

Filip & Company is one of the leading law firms in Romania providing top quality assistance in all relevant areas of law for businesses operating in Romania or considering Romania. Specialized in complex projects that require an innovative approach, Filip & Company lawyers have a wide experience in several domains, such as infrastructure and concession, mergers and acquisitions, energy, corporate, real estate, competition law, finance and capital markets but also labour law, data protection, consumer or environment protection. The law firm also provides legal assistance and representation in disputes and arbitrations with significant implications for the clients’ businesses. Please visit to find out more about Filip & Company’s expertise and team.

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