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Spain's Bankia cuts IPO price to 3.75 euros/share

Source: Reuters - Mon 18th Jul 2011

Spanish savings bank Bankia has cut the price for its initial public offering to 3.75 euros per share, three sources close to the deal said on Monday.

Bankia had initially offered its shares at 4.41-5.05 euros per share, and had aimed to raise as much as 4.6 billion euros.

Books on the share sale, which are due to close at 15.30 GMT on Monday, are covered at the new lower price, one of the sources said.

Bankia declined to comment.

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