Pan-European Hotel Acquisition Company (Pehac), a Dutch company set up to buy medium-sized hotels in major Western European cities and aimed at improving the hotels' operations, was listed Thursday on the Amsterdam market of NYSE Euronext. Pehac offered some 14 million new shares and warrants at a price of EUR 7.25 per share and EUR 0.75 per warrant. After opening of trading, the first market price of PEHAC was EUR 7.60 per share and EUR 0.80 per warrant.
Pan-European Hotel Acquisition Company (Pehac), a Dutch company set up to buy medium-sized hotels in major Western European cities and aimed at improving the hotels' operations, was listed Thursday on the Amsterdam market of NYSE Euronext. Pehac offered some 14 million new shares and warrants at a price of EUR 7.25 per share and EUR 0.75 per warrant. After opening of trading, the first market price of PEHAC was EUR 7.60 per share and EUR 0.80 per warrant.
The company raised a total of EUR 115 mln through the initial public offering (IPO). Based on the total number of 17 million shares and warrants, PEHAC's market capitalisation at the opening price is estimated at EUR 146 mln. Pehac is the latest of nine listings on the Amsterdam market this year. Over EUR 19 bn in market capitalisation has been added to the Amsterdam market so far this year, more than the total additional market capitalisation for the whole of 2006. A total of EUR 5.6 bn in capital has been placed on the combined Euronext markets in 2007, resulting in over EUR 54.6 bn in additional market capitalisation.
