Vector Hospitality cut the price range of its flotation on Wednesday from 995p-£11.15 to 875p-900p, after insufficient interest from investors. Vector, which is planning to convert to the UK's first hotel real estate investment trust (REIT) once it has floated, had to lower the price range by about 20%, despite strenuous efforts for some time to drum up interest in the flotation.
Vector Hospitality cut the price range of its flotation on Wednesday from 995p-£11.15 to 875p-900p, after insufficient interest from investors. Vector, which is planning to convert to the UK's first hotel real estate investment trust (REIT) once it has floated, had to lower the price range by about 20%, despite strenuous efforts for some time to drum up interest in the flotation.
The IPO will value the hotel owner managed by Richard Balfour-Lynn at £1.8bn, instead of the expected £2.2bn. Deutsche Bank, Goldman Sachs and UBS are joint bookrunners for the Vector offer, and Citigroup and JP Morgan Cazenove are co-lead managers.
Spain's property company Realia slashed its IPO price range on Tuesday from a range of EUR 7.9-9.7 to EUR 6.5 per share because of the slowing property market there. Realia, the first Spanish developer to seek a listing this year in Spain, will be worth about EUR 1.8 bn, down EUR 400 mln from the potential capitalisation outlined in the first IPO notice.
