ROMANIA Law and Practice Contributed by: Ileana Glodeanu, Andreea Cărare, George Ghitu and Delia Dumitrescu, Wolf Theiss
of the portfolio company would constitute the typical tag threshold, but the exact percentage will depend on the portfolio company’s actual ownership structure as well as the parties’ relative bargaining power. 10.3 IPO IPOs are not common on the Romanian market, mainly because the large majority of companies and businesses in Romania are not organised as pub - licly traded companies. Businesses are usually set up as (non-listed) limited liability companies or joint stock companies, and investors usually buy the entire participation or a majority stake in such companies. Therefore, it will be hard to pinpoint any specifics for exits by way of IPOs on the Romanian market.
The IPO of Hidroelectrica (the leading electricity pro - ducer in Romania) in July 2023 was the largest ini - tial public offering ever made on the Romanian stock market, the largest in Europe in 2023 and the third largest in the world that year. The IPO had a value of approximately USD2.1 billion. In May 2024, Romania witnessed a new IPO, also in the energy sector. The listing of Premier Energy, worth approximately, EUR140 million, marked the largest IPO by a privately owned company on the Bucharest Stock Exchange in the past five years.
547 CHAMBERS.COM
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