Norway's Public Property Invest down 2.8% on stock market debut (updated)

Public Property Invest ASA

29/04/2024 08:15

(Updates share price, adds detail in paragraphs 2-5)
       OSLO, April 29 (Reuters) - Shares of Norway's Public
Property Invest  PUBLI.OL , partly owned by indebted Swedish
real estate group SBB  SBBb.ST , fell 2.8% in its debut on the
Euronext Oslo stock exchange on Monday.
    The initial public offering (IPO) was designed to cut PPI's
debt and comes as part of a wider restructuring of the SBB
group, which is scrambling to overcome soaring interest rates
that have hit many European property companies.
        PPI last week sold 105 million new shares at 14.50
Norwegian crowns each, at the bottom of the IPO's proposed range
of between 14.50 crowns and 21 crowns per share.
  
        The transaction increased the overall number of shares
to 208.6 million, valuing the company at 3.03 billion Norwegian
crowns ($275.15 million) before Monday's share move.
  
        The stock fell 2.8% to 14.10 crowns at 0713 GMT.
  
    
($1 = 11.0123 Norwegian crowns)

 (Reporting by Terje Solsvik, editing by Louise Rasmussen)
 ((terje.solsvik@thomsonreuters.com; +47 918 666 70;))