Historic day at the Stock Exchange: BET breaks 22,000 points to a new historical high, Petrom rises to a record value and distances itself to 2 billion lei from Hidroelectrica, the Cris-Tim offer breaks all records with retail orders of 3 billion lei, i.e. subscription of 4,147%. Maximum also on Romgaz and Transgaz

The main BET index of the Bucharest Stock Exchange climbed today to a new record of 22,139 points, plus 0.7%, in a session with few sellers and a good dispersion of liquidity, despite mixed dynamics on the European stock exchanges. Also highlighted were the record subscription to Cris-Tim, no less than 42 times, the record to Petrom and surpassing Hidro by 2 billion lei. We take them one at a time. The most traded share was, as usual, Banca Transilvania (TLV) with transactions of 16 million lei and a slight price decrease of 0.2%, without significant events. OMV Petrom (SNP) completed the podium with 6 million lei traded, up 1%, reaching a historical high and a capitalization of 56.5 billion lei, thus distancing itself by approximately 2 billion lei from Hidroelectrica (H2O), which recorded transactions of 4.4 million lei and a decrease of 0.3%. Romgaz (SNG) reached a historical high of 9.2 lei per share, up by almost 3% on transactions of 3 million lei. Electrica stagnated at 23 lei, on transactions of 2.6 million lei, and Transfaz rose to a historical maximum, 62.7 lei, on transactions of 2.4 million lei, without price variations. The star of the day, however, remains the public listing offer of Cris-Tim. The retail tranche, allocated 4 million shares, has so far collected orders for 168 million shares, which is equivalent to a subscription of 4,147%. In practical terms, for every 1,000 shares requested, an investor will receive approximately 23 shares. The total value of the orders amounts to 3 billion lei, i.e. about 600 million euros. Analysts consulted by ZF indicate that the orders come from both actually available funds and letters of bank guarantee and leverage mechanisms offered by brokerage firms, a common practice in popular offers. Among the five largest orders are one of 6 million shares (21 million euros), another of 4 million shares (14 million euros) and one of 3.8 million shares (13 million euros). The order of 6 million shares would be enough to cover the entire retail tranche. This level of subscription represents a record for a company that plans to list on the stock exchange and raises the question of whether interest will be maintained after the listing.
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