Spanish real estate developer Realia has decided to set the maximum share price of its initial public offering (IPO) at EUR 8.8 per share, down from the top price of EUR 9.7 outlined in its first IPO notice. The company had indicated a price range of between EUR 7.9 and EUR 9.7.The listing will value the Madrid-based company at some EUR 2.44 bn. The final offering price will be announced on 4 June, two days before the stock is likely to start trading for the first time.

Spanish real estate developer Realia has decided to set the maximum share price of its initial public offering (IPO) at EUR 8.8 per share, down from the top price of EUR 9.7 outlined in its first IPO notice. The company had indicated a price range of between EUR 7.9 and EUR 9.7.The listing will value the Madrid-based company at some EUR 2.44 bn. The final offering price will be announced on 4 June, two days before the stock is likely to start trading for the first time.

Investors Fomento de Contrucciones y Contratas (FCC) and Caja Madrid plan to sell as much as 48% of the company in the IPO on Madrid's stock market. Realia is offering a third of the shares to individual investors. The listing will be carried out after a very delicate two-month period for the Spanish real estate sector. This will be the first listing after a dramatic correction in Spain's real estate stocks took place last April. Analysts warned that the placing will be strongly depend on the interest by foreign investors, to whom about 52% of the offering is directed, Spanish newspaper Cinco Dias reported.