MADRID (Reuters) - The stock market flotation of Spanish airport group Aena (IPO-AENA.MC) will value the company at 8.7 billion euros (£6.47 billion), after the final price was set at 58 euros per share, according to media reports on Monday.
State-owned Aena had earlier raised the price range on the initial public offering to between 53 and 58 euros (£43) per share, from 43 to 55 euros previously, as the country’s biggest privatisation since 1997 drew strong demand.
The shares are due to start trading on Wednesday. The state is planning to sell 49 percent of the company in total.
Initially 21 percent of the public offering had been earmarked for three core shareholders, Spain’s Corporacion Financiera Alba, British fund TCI and Ferrovial (FER.MC). They had offered to come in at a lower price, however, and the jump in valuation has made it increasingly likely they could be edged out of the listing.
Alba has already abandoned plans to buy into the IPO, a source said last week. TCI and Ferrovial did not immediately respond to requests for comment on Monday.
Aena’s privatisation was postponed last October, when the government decided it needed a tender to pick an auditor to sign off on one part of the listing prospectus.
The flotation has been touted as a test of investor faith in a recovery of the Spanish economy, with shares also being offered to retail buyers.
Reporting by Sarah White and Robert Hetz; Editing by Larry King