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Romania’s leftist government has approved a price range of $7.37-$9.83 per share in the initial public offering (IPO) of a 15%  stake in state gas producer Romgaz.

At this price, the IPO will raise between $433m-$571m.

 

Trading for Romgaz shares will start at some point between  October 21-31, the energy minister said.

“We have approved the decree regarding the Romgaz listing,” minister Constantin Nita was quoted as saying by state news agency Agerpres. “We are talking about 57.813 million shares, meaning 15%.”

The IPO is part of a wider privatization plan agreed between Romania and the International Monetary Fund, who have taken the lead on aid deals for the country since 2009.