Investors who subscribed in the state's initial public offerings(IPOs) conducted on the Bucharest Stock Exchange over the last fewyears, Transgaz Media[ (TGN) and Transelectrica Bucure[ti (TEL)have so far made 65.7 million RON (15.5 million euros) aftersubscribing 349.1 million RON (82.3 million euros) in theofferings. The gain comes from the appreciation of stock exchangeshares compared with the offering price, and does not includepotential dividend earnings, which in the case of Transgaz weresubstantial.
On the other hand, shares acquired on the stock exchange as part ofthe offerings conducted by private companies over the last 6 yearsare now worth less than half on the market compared with theirinitial value. As a result, investors lost 107.9 million RON (25.5million euros) in overall sum from private companies' IPOs aftercontributing 193.8 million RON (45.8 million euros) in funding tothese companies.
Investors who in 2007 bought Transgaz shares at a discount price of191.92 RON can now sell them at an around 21% yield. Similarly,Transelectrica could be subscribed in June 2006 at a price of 16.8RON as part of the offering, while the current price of shares is18.7 RON/share, which means an 11.3% yield.
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