Blogs and advice from Industry leading Specialists
Valuable Opinions, Comments & Gossip
Financial related News & Articles relating to Spain
Latest News, Stories
& Hot Topics
Various Tools & Widgets to help with your financial needs
Tools & Widgets to
help with finances
Polls, Surveys and Opinions featured throughout Tumbit
Featured Polls, Surveys & Stats
Discussions, Advice & Topical Chat
Discussions, Advice & Topical Chat

Demand for shares pushes up Spain's AENA IPO price

Source: Reuters - Thu 5th Feb 2015
Demand for shares pushes up Spain's AENA IPO price

Strong demand for shares in airports operator AENA's initial public offering is pushing up the price, increasing the chances that key shareholders which initially committed to the offer may eventually be priced out, people close to the process said.

Spain is selling a 49% stake in AENA in its biggest privatisation since 1997, a flotation that values the whole of the firm at up to EU8.7 Bln as the Spanish economy puts a 6-year crisis firmly behind it.

The official and non-binding price range was raised earlier this week to EU53 to EU58 per share, from the EU43 to EU55 per share originally announced.

"We haven't set (another) new indicative band ... but we have a range within that band of EU55 to EU58 per share, which is a pointer to investors as to what the final pricing will be," a source participating in the sale said.

U.S. investor George Soros has ordered EU400 Mln worth of shares in the airport operator, newspaper Expansion reported on Thursday citing financial sources, another sign of avid interest in the share sale.

With retail and institutional demand enough to cover shares on offer several times over, the non-binding price range has risen to above the maximum price to which the cornerstone investors - Ferrovial, British fund TCI and Corporacion Financiera Alba - had committed.

Corporacion Financiera Alba, TCI and Ferrovial had offered to buy stakes at up to EU53.33 per share, EU51.60 and EU48.66 respectively in a first phase in which a total 21% stake was on the block.

The 49% stake on sale had been divided into a 28% stake to new shareholders including retail investors, and 21% which had been set aside for three core investors.

The would-be core shareholders also have the possibility of bidding for shares in the bookbuilding phase.

AENA, which runs 46 Spanish airports and has stakes in London's Luton and airports in Mexico and Colombia, has said it handles 187 million passengers a year.

Spain was the world's third most-visited nation in 2014, with 65 million visitors.

Recommended Reading :

* Spanish Airports to see 25 days of strike action

* Spain kicks off AENA share sale

Comment on this Story

 
Be the first to comment on this Story !!

Related Partners

Recommended Items

Related Topics

Related Articles

Related Blogs

 
When shopping for bodyjewelrytips, never buy anything that has nickel. The best type of material is the steel, titanium, wood, anodized gold or gold. Most nickel products will rust and may infect your ear. If you have pierced the naval or eye, you do not need to worry, as that is the most versatile part of the body. You can wear rings, straight, curved or fancy and captive beads. There are many leading body piercing jewelry that offer some of the biggest collection at very affordable price. In regard to shopping, always go to a wholesale shape as that is the sure place of getting any type of body piercing jewelry. The only thing that you need to be careful about is the material used to make the jewelry. There are instances when body piercing might go wrong and the result is an infection. In order to avoid this, make sure that the person doing the piercing is qualified to do so. After piercing is done Bodys piercing trends, you should keep the area sterilized and clean. Use warm water to wipe dirt. Never use spirits as they will corrode the area resulting to a wound which might cause an infection.