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Romania's Premier Energy valued at $525 mln in IPO

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Adds details, comment

BUCHAREST, May 16 (Reuters) -Romania-based Premier Energy said on Thursday its initial public offering (IPO) had been priced at 19.5 lei per share, implying a market value of 2.4 billion lei ($525 million).

The renewable energy developer, owned by Czech investment firm Emma Capital, said the IPO amounted to a 28.75% stake.

It will list on the Bucharest Stock Exchange on May 27, with gross proceeds from the IPO - totalling roughly 695 million lei - to be used for further renewable energy acquisitions and projects in Romania and neighbouring Moldova.

The flotation follows the Bucharest listing of state-owned hydro power producer Hidroelectrica ROH2O.BX last year, one of Europe's largest IPOs.

"Premier Energy's attractive investment story and considerable growth potential has been reflected in the high demand we have seen from both retail and institutional investors, in Romania and internationally," said Chief Executive Jose Garza in a statement.

The company currently has 1,000 megawatts (MW) of green projects under ownership, management or in development in Romania and Moldova, evenly split in Romania between wind and solar.

In March, it told Reuters it aimed to boost its renewable energy portfolio to 1.5 gigawatts (1,500 MW) over the next two to three years.

The company also supplies and distributes energy, being the third largest gas distributor in Romania and the largest electricity supplier and distributor in Moldova.

Premier Energy began operating in Romania over a decade ago. Last year, its consolidated revenue stood at 912 million euros.

It plans to pay out 30-70% of its consolidated annual net profit in dividends.

Reporting by Luiza Ilie
Editing by Mark Potter


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