On November 6, RCS&RDS will put up for sale on the London Stock Exchange 74.436 Global Depositary Receipts (GDR, representing its non-voting preference shares), at a price ranging between 5.25 and 7.25 dollars.
The telecom operator could raise between 390 million and 540 million dollars, with the price of RCS&RDS securities set depending on demand. At present, the global stock markets are experiencing decline, which could influence the price of RCS&RDS' GDRs will be quoted.
The operator plans to use the funds from London to enter other markets in the region, and develop its mobile telephony network in Romania.
The offer also includes an overallotment option for 4.965 million GDRs, the telecom operator announced, on the London stock exchange. Investment banks Morgan Stanley and UBS were appointed joint global coordinators of the offer, and can acquire the 4.9 million GDRs at the offer price within 30 days after the announcement of the offer price.
In case the overallotment option is exercised, the value of the issue would climb to 416-575 million dollars.
Badea Clifford Chance law firm is also involved in the listing operation.
RCS&RDS has not published the issue prospectus, yet, nor specified for how much of the total the shares on the basis of which the GDRs will be issued. However, the company had previously announced it wanted to raise 500 million dollars from the listing of a stake, which accounts for around 15% in its capital on the London stock exchange.
RCS&RDS global depository receipts will trade on the London stock exchange under the symbol "RCSR".
Six months into the year, RCS&RDS had almost five million customers on six markets (the Czech Republic, Croatia, Romania, Serbia, Slovakia and Hungary) and currently operates via four business lines (cable TV, Internet, fixed telephony and satellite TV).
In terms of value, the telecom operator's listing would be the biggest of its kind carried out by a Romanian company. A&D Pharma pharmaceutical group and Alro, via Vimetco, which also holds stock in another metallurgic complex, are also listed on the London Stock Exchange.
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