RCS&RDS sets final share price in record Bucharest IPO

Romanian quadruple-play operator Digi (Romania Cable Systems [RCS&RDS]) is set to raise around RON956 million (USD228 million) on 16 May when it lists 25.6% of its shares on the Bucharest Stock Exchange (BSE), representing a new BSE record IPO value, SeeNews reports, citing a statement from Digi. Having launched its IPO on 28 April, Digi disclosed on 11 May that it had set final share prices at RON40 for institutional investors and RON37.2-RON38.8 for retail investors. The valuation gives the group – which operates telecoms/pay-TV services in Romania, Hungary, Spain and Italy – a total market value of roughly RON3.7 billion (approximately EUR810 million/USD880 million). Although falling short of a RON1.2 billion top-level IPO target, RCS&RDS CEO Serghei Bulgac said: ‘We have been very pleased with the strong response from retail and institutional investors.’