Demand under the Public Share Offering of Repsol shares belonging to SEPI was
1,12 billion pesetas. This has surpassed all initial expectations in the retail
and institutional tranches, producing an over-subscription of more than nine
times the original offer of 29 million shares. Including the underwriters'
purchase option ("green shoe") of 4 million shares, the placement has been more
than eight times oversubscribed.
Overall demand for shares under the
retail tranche amounted to 544,393 million pesetas: 527,475 million pesetas
under the general retail tranche (at a price of 4,147 pesetas per share) and
16,918 million pesetas under the special retail tranche. At the retail prices
set for this offering, total demand for the retail tranche was equivalent to
some 130 million shares, that is to say, more than 113 million shares in excess
of the offering for the retail tranche.
As far as the institutional
tranche is concerned, this showed a demand for shares worth 584,683 million
pesetas. 96,367 million pesetas of this came under the Spanish tranche; 88,204
million under that for Continental Europe; 194,360 million pertain to the United
Kingdom tranche, 185,577 million to the United States tranche and 20,175 million
to that for the Rest of the World.
At the price set for the institutional
offering, (4,335 pesetas per share), institutional applications were made for
almost 135 million shares, surpassing the final offer under this tranche of 16.5
million shares by over 118 million shares.
| MAIN
HIGHLIGHTS |
| |
Real Demand Mill. pesetas |
Final Allotment Mill. pesetas |
Over-subscription(No. of times) |
| MINORITY TRANCHE |
544,393 |
68,064 |
8.00 |
| General |
527,475 |
63,242 |
8.34 |
| Special |
16,918 |
4,822 |
3.51 |
| INSTITUTIONAL TRANCHE |
584,683 |
71,527 |
8.17 |
| Spain |
96,367 |
|
|
| Continental Europe |
88,204 |
|
|
| United Kingdom |
194,360 |
|
|
| United States |
185,577 |
|
|
| Rest of the World |
20,175 |
|
|
| TOTAL |
1,129,076 |
139,951 |
8.09 |
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Because applications for shares under the retail tranche have exceeded the
number of shares allotted to it, (16.5 million), SEPI will conduct a pro-rata,
as stipulated in the Prospectus governing the Repsol PSO.
The pro-rata
will favour the smallest applications, in such a way that investors placing
buying orders for 100,000 pesetas worth of Repsol shares during the first phase
of the Offering, from January 17th to 29th, will receive almost 100% of the
amount requested, whereas those applying for 10,000,000 pesetas worth will be
assigned 5% of these.
Investors making purchase applications during the
second stage of the PSO (from January 30th to February 2nd) do not have priority
in the pro-rata and will not receive any shares.
| PRO-RATA |
| ORDERED (IN
PTS) |
ALLOTTED (IN
PTS) |
% RECEIVED |
| 100,000 |
99,528 |
99.52 |
| 200,000 |
107,822 |
53.91 |
| 300,000 |
120,263 |
40.08 |
| 400,000 |
136,851 |
34.21 |
| 500,000 |
149,292 |
29.85 |
| 600,000 |
161,733 |
26.95 |
| 700,000 |
174,174 |
24.88 |
| 800,000 |
190,762 |
23.84 |
| 900,000 |
203,203 |
22.57 |
| 1,000,000 |
211,497 |
21.14 |
| 1,100,000 |
211,497 |
19.22 |
| 1,200,000 |
215,644 |
17.97 |
| 1,300,000 |
219,791 |
16.90 |
| 1,400,000 |
223,938 |
15.99 |
| 1,500,000 |
228,085 |
15.20 |
| 2,000,000 |
244,673 |
12.23 |
| 3,000,000 |
281,996 |
9.39 |
| 4,000,000 |
319,319 |
7.98 |
| 5,000,000 |
352,495 |
7.04 |
| 6,000,000 |
389,818 |
6.49 |
| 7,000,000 |
427,141 |
6.10 |
| 7,500,000 |
443,729 |
5.91 |
| 8,000,000 |
460,317 |
5.75 |
| 9,000,000 |
497,640 |
5.52 |
| 10,000,000 |
534,963 |
5.34 |
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