Europe’s biggest listing this year is off to a cautious start. Hidroelectrica, Romania’s top hydropower producer, priced on Wednesday its initial public offering (IPO) at 104 lei ($22.87 per share, the middle of a proposed range, raising 1.8 billion euros. That values the whole utility at 46.8 billion lei, or 9.4 billion euros. It also suggests the company would trade at 10.5 times its 2022 earnings per share, a multiple 30% lower than the 14.8 times Austrian peer Verbund is currently trading at.
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