Fondul Proprietatea: Quick update

Hidroelectrica filed for IPO

As discussed in the original post, FP has now filed for the IPO of its main holding, Hidroelectrica, for the moment only on the Bucharest Stock Exchange.

FP will sell its entire 20% stake at a valuation between €8.5 billion and €10.2 billion, lower than what it was implied by the carrying value of FP’s books (€12.5 billion).

FP’s stock traded down a lit…