Spain's Aena prices share sale at top of range (updated)
10/02/2015 09:12
(Adds greenshoe option, background)
MADRID, Feb 10 (Reuters) - Spanish state-owned airport group
Aena IPO-AENA.MC on Tuesday priced its initial public offering
(IPO) at the top end of an already raised price range following
strong demand for a deal offering investors a play on the
Spanish economic recovery.
Aena said it had priced the IPO at 58 euros per share,
valuing the world's largest airport operator at 8.7 billion
euros ($9.9 billion) in Spain's biggest privatisation since
1997.
The sale of the operator, which runs 46 Spanish airports and
has stakes in London's Luton and airports in Mexico and
Colombia, had been scrapped in October due to technical and
political complications. ID:nL6N0V22ES
But the falling oil price, improving tourism figures and
brighter economic prospects for Spain served to increase demand
and led the operator to raise the offer price when the deal was
picked up again in January.
Even so, the institutional tranche, accounting for 95
percent of the offer, was 5.1 times subscribed, Aena said on
Tuesday.
Shares originally earmarked for three core shareholders,
Ferrovial FER.MC , Corp Alba ALB.MC and British fund TCI,
would be offered to institutional investors, Aena said.
While Corp Alba and Ferrovial had abandoned plans to form
part of the core shareholder group, TCI had bought a significant
stake through the institutional tranche, keeping its seat on the
board, Aena said.
The sale floats 44.6 percent of the share capital of the
airport operator, the vast majority of which has been offered to
institutional investors with a small amount reserved for retail
investors.
If global coordinators opt to exercise the overallotment
option, or greenshoe -- which seems likely given demand -- the
number of shares to be sold can rise up to 49 percent of the
group.
Spanish newspapers and radio have carried advertisements for
the share offer to attract small investors.
($1 = 0.8828 euros)
(Reporting by Robert Hetz; Writing by Paul Day; Editing by
Sonya Dowsett and Louise Heavens)
((paul.e.day@thomsonreuters.com; +34 91 585 83 08; Reuters
Messaging: paul.e.day.thomsonreuters.com@reuters.net))
Keywords: AENA IPO/