The initial public offering put out by the Flamingo Group was oversubscribed by 3.7 times, as 1,003 buy orders for more than 63 million shares were placed. The number of shares planned for the offering was 17 million.
The offering provides for an extension by 15% to 19.55 million shares in case of oversubscription, which accounts for some 20% in the company.
"The better part of the shares, about 45.5 million was subscribed at the maximum price, 24,000 ROL," market sources said.
They added two bids were made for a 3.125 million-share stake each at the maximum accepted value, 75bn ROL.
The total value of the subscriptions is 1,469,505bn ROL (approximately 40.6 million euros), four times higher than the anticipated 10 million euros.
Flamingo''s IPO, the first such offering from a Romanian IT company was carried out from June 15 through 22 and was brokered by a consortium comprising Raiffeisen Capital & Investment and ING Securities.
Subscription price ranged between 18,000-24,000 ROL, with the final value at which the shares will be allocated set through a competitive procedure. The final price was set at 23,000 ROL.
The quoted sources estimate the price in the first trading session could go up by 50% from the maximum subscription price, 24,000 ROL.
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