VIENNA (Reuters) - Austria-based bank Addiko, which has a strong presence in the Balkans, plans to list on the Vienna stock exchange in July, it said on Tuesday.
Its owners, financial investor Advent and the European Bank for Reconstruction and Development (EBRD), plan to sell shares worth up to 258 million euros ($294 million), giving the bank a market capitalisation of 370 to 449 million euros.
People close to the matter have said in the past that the book value of Addiko was 850 million euros, meaning the listing would value the lender at 0.43-0.52 times its book value.
That compares to an average price-to-book value of European banks of 0.7, according to Refinitiv data.
Addiko was established on the foundations of the eastern European business of failed lender Hypo Alpe Adria.
Its main network includes businesses in Croatia, Slovenia, Bosnia and Herzegovina, Serbia, and Montenegro, operating under a joint holding company headquartered in Austria, according to its website.
Addiko posted a net profit of 104 million euros last year, which was 31 million euros after adjustment for one-off items.
Addiko said 9,750,001 existing shares and an over-allotment option of up to 1,462,500 existing shares would be offered in a price range of 19 to 23 euros per share.
The bookbuilding period is scheduled for June 25 to July 9. The first day of trading is planned for July 11.
Advent and EBRD, which own stakes in Addiko via vehicle AI Lake, plan to sell 50% plus one share, according to the statement.
Addiko plans to attract investors with a special dividend offer, saying it would distribute excess capital in addition to a potential 40 million euros in a regular dividend payment for 2019.
Reporting by Kirsti Knolle, Alexandra Schwarz-Goerlich, Arno Schuetze, Hans Seidenstuecker; Editing by Riham Alkousaa