Demand For Neinor’s Shares Far Exceeds Supply In A Few Hours
21 March 2017 – Expansión
The public share offering (OPV or ‘oferta públic de venta’) and share subscription that Neinor Homes launched on Friday, for the purpose of debuting on the stock market on 29 March, was covered within just a few hours, according to the real estate company.
The company owned by the fund Lone Star received requests for shares for an amount that “far exceeds” the supply from international institutional investors, primarily in France, the UK, USA as well as from Spanish entities.
The real estate company led by Juan Velayos considers this over-demand to be a “sign of the strong interest from qualifying investors” in participating in the company and in its process to debut on the market.
By virtue of the timetable established for debuting on the stock market, investors still have time to request shares in Neinor, until 27 March.
Neinor plans to place up to 60% of its share capital in the market at €16.46/per share. By virtue of the operation, the company has launched a public offering for share subscription (OPS) of 6.07 million new shares and an OPV whereby the current owner of the company, the fund Lone Star, will sell another 37.01 million shares.
The debut on the stock market forms part of the strategy that Neinor Homes designed when Lone Star constituted the firm in 2015 using real estate assets it had purchased from Kutxabank. The operation seeks to expand the firm’s shareholder base and incorporate new shareholders, as well as to raise resources to pay off debt.
Original story: Expansión
Translation: Carmel Drake