Martifer, the construction unit of Portuguese conglomerate Mota Engil, has set the price for the institutional tranche of its Initial Public Offering (IPO) at EUR 8.00 per share - the higher end of the EUR 6.5-8.0 share range outlined in the first IPO notice. Martifer is offering about 18.75 million shares to institutional investors and an additional 6.25 million shares to small investors and employees. The company is expected to raise about EUR 200 mln through the listing of 25% of its share capital, which gives it a market capitalisation of about EUR 800 mln.
Martifer, the construction unit of Portuguese conglomerate Mota Engil, has set the price for the institutional tranche of its Initial Public Offering (IPO) at EUR 8.00 per share - the higher end of the EUR 6.5-8.0 share range outlined in the first IPO notice. Martifer is offering about 18.75 million shares to institutional investors and an additional 6.25 million shares to small investors and employees. The company is expected to raise about EUR 200 mln through the listing of 25% of its share capital, which gives it a market capitalisation of about EUR 800 mln.
The small investor and employee tranche, which was about 180 times oversubscribed last week, will also be sold at EUR 8.00 per share. Trading is expected to start on the Euronext Lisbon exchange on Wednesday. Banco Espirito Santo and Caixa BI are managing the operation. After the IPO, Mota Engil, and ceo Carlos Martins with chief financial officer (cfo) Jorge Martins will each hold 37.5% of Martifer.