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BAWAG looks to raise up to 2.1 billion euros in Austria's largest IPO​
October 11, 2017 / 1:21 PM / 11 days ago

BAWAG looks to raise up to 2.1 billion euros in Austria's largest IPO​

VIENNA/FRANKFURT (Reuters) - BAWAG, the Austrian bank majority-owned by U.S. private equity group Cerberus Capital Management, plans to raise up to 2.1 billion euros (1.88 billion pounds)in its initial public offering, which would be the biggest IPO in Austria’s history.

FILE PHOTO: The logo of BAWAG PSK Bank is pictured on one of its branches in Vienna, Austria, March 2, 2016. REUTERS/Leonhard Foeger/File Photo

Sources close to the matter told Reuters in June the listing of a 20-30 percent stake could value Austria’s fourth-biggest lender at up to 5 billion euros ($5.9 billion).

A prospectus published on Wednesday said up to 40.25 million shares would be offered at a price of 47 euros to 52 euros ($55.60 to $61.51) each.

A separate company presentation said that valued the company at up to 5.2 billion euros and up to 40.3 percent of the company would be in free float on the Vienna Stock Exchange after the transaction.

The final size and price of the offering were due to be determined on or around Oct. 24, with the first day of trading expected on Oct. 25, the prospectus added.

Telekom Austria (TELA.VI) raised 1.2 billion euros in an IPO in 2000, Raiffeisen Bank International (RBIV.VI) raised 1.1 billion euros in 2005 and construction firm Strabag (STRV.VI) raised 1.3 billion euros in 2007, shortly before the global financial crisis hit and put the brakes on company listings.

Reporting by Francois Murphy and Kirsi Knolle in Vienna, Arno Schuetze in Frankfurt; Editing by Shadia Nasralla

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