Fondul Proprietatea - a new IPO at the BVB

Fondul Proprietatea is the most recent IPO at the Bucharest Stock Exchange. It is a closed end fund created by the Romanian Government in 1995 to compensate the victims of the communist expropriations. The  shareholders' structure is presented below:

The fund has an interesting portfolio of holdings:

After its IPO,  the evolution of its price was somehow downward, a possible mispricing of IPO. However, analizung the financials of the company leads to the conclusion that this is a good investment for those seekeng diversification and exposure to the energy sector in Romania. For the moment, there is no clear recommendation on this stock. It should be put however, on a watch list.

Further analysis will be available next week.


Source of the data: BVB, http://www.fondulproprietatea.ro/