Through the size of its assets and portfolio, FondulProprietatea (FP) is unique in the CEE region, being among the mosthighly expected floatations in the history of the domestic capitalmarket.
The 3,5bn-euro assets, along with the portfolio made up ofstakes in the most valuable companies in the Romanian economy, havebrought FP into the spotlight not only of investors, but also ofstock exchanges in the region, with each of them trying to be partin one way or another in one of the most valuable companies in theregion.
The first listing of the Fund will be on the BSE, an event expectedto happen in the first half of 2011, as the officials of FranklinTempleton, which manages the Fund, have pledged. "For a fair stockprice and adequate liquidity", Franklin Templeton wants a secondaryfloatation of the Fund on the LSE.
In the opinion of Michael Buhl, a joint CEO of the Vienna StockExchange, the London market would not be the best choice for asecondary listing.
"(...) As for a secondary listing, I believe the Vienna StockExchange is an obvious choice for FP. The Vienna Stock Exchange hasspecialised investors, who know the region and have a high interestin the CEE, while in London a broader range of investors aretrading, with a large part of them focusing, however, on globalcompanies, large corporations with international operations. Ibelieve FP risks being lost among large corporations should it belisted in London".
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