Dentons has advised the Joint Global Coordinators and Joint Bookrunners on Premier Energy PLC’s initial public offering and listing on the Bucharest Stock Exchange.

Premier Energy is the third largest natural gas supplier and distributor in Romania, the biggest electricity distributor in Moldova, and one of the largest renewable energy players in Romania and Moldova - with over 1,000 MW under ownership, management, or development.

The Rule 144A/Regulation S offering raised gross proceeds of €140 million and included a retail offering in Romania. The company raised approximately

€97.5 million through the issuance of new shares, and its principal shareholder, Emma Capital, a Czech Republic-based investment group, raised approximately €42.5 million. This resulted in a valuation for the company of approximately €490 million.

Premier Energy's IPO announced the pricing of its IPO on May 16, 2024, and the first day of trading on the Bucharest Stock Exchange was May 28, 2024.

Citigroup Global Markets Europe AG, UniCredit Bank GmbH (Milan Branch) and WOOD & Company acted as Joint Global Coordinators for the IPO, with Alpha Bank Romania S.A. and BT Capital Partners S.A. as Joint Bookrunners.

Capital Markets partner Loredana Chitu in Bucharest and partners Cameron Half and Nik Colbridge in London led Dentons’ cross-border team on the deal. They were supported by associate Alin Roca in Bucharest, associates Elijah Smith and US securities associate Pichrotanak Bunthan, and trainees Shanie Earl and Tom Day in London, as well as by a large team of lawyers from various practices, including: partner Claudiu Munteanu-Jipescu, counsel Elena Vlasceanu, senior associate Angelica Pintilie, associate Alin Dimache and paralegal Andrei Marinescu (all Energy), counsel Argentina Rafail and Cristina Marcu, senior associate Andreea Predescu, and paralegal Stefan Sundere (Corporate and M&A), partner Bogdan Papandopol, senior associates Luiza Onofrei and Isabela Gheorghe, and associate Diana Ceparu (all Real Estate), senior associate Stefi Ionescu and associate Alexandra Sofineti (both Banking and Finance), partner Liviu Togan and counsel Andrei Orbesteanu (both Litigation and Dispute Resolution), senior associate Simona Moisa (Employment and Data Protection), and partner Raul Mihu and associate Iulia Titirisca (both Competition and Antitrust).

Loredana Chitu, Head of Dentons' Capital Markets team in Bucharest, who co-led the Dentons team, said: "We are honored to have represented the syndicate of managers on the largest Romanian IPO of a private company in the last seven years. A big thank you to our clients, but also to the issuer, its advisors, as well as the FSA, BVB and Central Depositary, for the smooth execution of the deal. We are happy to have been able to put our combined skills in capital markets and energy to work for this important IPO.  We are seeing increased interest in listing on the BVB among both domestic and international issuers, and are here to support this trend."

Cameron Half, London-based US Securities and Capital Markets partner said: "We are pleased to have advised the Global Coordinators and Bookrunners on another key transaction, demonstrating our ability to guide and support our clients through complex offering structures, involving several jurisdictions. This is the third high-profile renewable energy sector IPO in Eastern Europe on which we have advised on in recent years, following the IPOs of Hidroelectrica and Ignitis."

Nik Colbridge, who leads Equity Capital Markets in Dentons' London office, said: "The efforts of the combined teams to bring the deal to market in a tight window meant that the offering was significantly oversubscribed and ultimately delivered a great result for the company and for our clients. Building on this year's London IPO of Air Astana, and last year's IPO of Hidroelectrica, the ECM team in London continues to deliver expertise in advising financial institutions on Capital Markets deals across emerging markets."

Chrysses Demetriades & Co LLC provided advice on Cypriot law, and Turcan Cazac Law Firm advised on Moldovan law.