Bank Austria Creditanstalt (BA-CA) has set the offer price for the its IPO at Euros 29 per share. The offer was several times oversubscribed during the bookbuilding process. In total, 33,031,740 shares have been placed in the global offering. In addition, an over-allotment option over a further 4,954,760 shares has been granted.
The gross proceeds raised in the IPO by the company amount to some Euro 960 million (Euro 1.1 billion assuming exercise of the greenshoe). At the offer price BA-CA is valued at approximately Euro 4.3 billion (Euro 4.4 billion assuming exercise of the greenshoe). Following the IPO, 22.5 percent of the Company’s share capital will be held by new investors (approximately 25 percent assuming exercise of the greenshoe).
The majority of demand came from international institutional investors, meeting BA-CA’s objective of achieving a broad base of international shareholders, but the retail offering in Austria also went well. “We are delighted with this result and welcome our new shareholders,” says Karl Samstag, CEO of BA-CA. “The BA-CA IPO shows that a convincing story also sells in difficult times. The proceeds generated will allow us to continue to pursue our growth strategy. We can well imagine that the success of our offering will have a positive effect on the European IPO market as a whole.”
Trading on the Vienna Stock Exchange starts tomorrow.