It is considered the most important listing on the Bucharest Stock Exchange in the last decade and the listing of the year in Europe. In addition to the signal it gives to the capital market, the IPO of Hidroelectrica, the largest state-owned company in the energy sector, brought to the fore the mission of Fondului Proprietatea, a shareholder that placed almost 20% of the stake it owned in the power producer.

But why is there so much fuss about this list and what does it mean for the purpose with which Fondul Proprietatea was created?

Although plans to list Hidroelectrica have been circulating for more than a decade, the government has promised European authorities that it will list Hidroelectrica on the stock exchange this year, where it is the majority shareholder with 80%, or risk losing funds from the PNRR. But the state does not sell shares.

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