31 March 2017 – Eje Prime
Neinor Homes ended its first day of trading on the stock market on a high, as its share price increased by 3.16% following its debut on Wednesday. Its shares ended their first trading session at a price of €16.98 per share compared with the price of €16.46 set for their debut on the stock market.
The largest real estate development company to be listed in the last decade saw its shares appreciate by 9.96% at one point, given that during trading its share price fluctuated between a low and high of €16.98 and €18.10 per share, respectively.
The real estate company’s shares began trading at 12:00, following the traditional ringing of the bell by its CEO, Juan Velayos (pictured above) and the representative of Lone Star, Juan Pepa, at the Bilbao Stock Exchange, where the firm has its corporate headquarters.
The objective of the real estate company’s IPO is to reduce debt and continue acquiring plots of land in areas with strong demand. Neinor intends to list on the stock markets in Madrid, Bilbao and Valencia.
The group owns one of the largest portfolios of buildable land in Spain, comprising 161 developments and 9,086 homes. As at 31 December 2016, its buildable land portfolio was worth €1,120 million and had a development value of €2,548 million.
Original story: Eje Prime
Translation: Carmel Drake