The broker selected to assist with the most important floatationon the Bucharest Stock Exchange will have to put together thefloatation prospectus that will be used to promote FondulProprietatea (Property Fund-FP) on foreign markets, too, and makesure investor interest is high enough to yield a satisfactory priceafter listing for the state and shareholders.
Apparently, the floatation of Fondul Proprietatea is an easyjob. The broker has to put together a several hundred-pageprospectus and get the necessary approvals from the NationalSecurities Commission (CNVM).
In reality, however, the selection of the broker for FondulProprietatea has got both the biggest brokerage firms on the marketand the management of the Fund all worked up, with the latterhaving to choose from the four bids submitted by brokers untilWednesday.
Looking at the situation strictly money-wise, there is noexplanation for the fierceness with which the biggest names on thelocal brokerage market are vying over this contact, which will getthe winner only several thousand euros (i.e. as much as the feessome make in one day). The main stake for the brokers in the race,however, is to prove they have the necessary expertise for thefuture IPOs of the state-owned companies, which translates intocontracts in the range of several hundred thousand euros.
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