According to
provisional data supplied by institutions placing shares offered by the Sociedad
Estatal de Participaciones Industriales (SEPI), retail demand for Repsol shares
has already surpassed 262 billion pesetas in the first week of the offering,
which opened on January 17th last. As of yesterday, in the Spanish retail
tranche alone, over 195,000 investors had requested to buy Repsol shares. The
initial offering for the retail tranche is 16,500,000 shares. The Sociedad
Estatal de Participaciones Industriales (SEPI) has offered for sale up to 33
million shares, representing 11% of Repsol capital equity.
The term for
presenting purchase requests opened on Wednesday, January 17th, and will close
on the 29th next. Orders placed during this period, and not revoked, will have
priority in the pro-rata. Irrevokable buying orders may also be made between
January 30th and February 2nd, but they will not have priority in the
pro-rata.
The maximum share price will be set on January 29th next. This
must not be above the weighted average prices for the day's stock market session
and the four previous sessions on the Spanish Continuous Market. The selling
price will be fixed on February 5th, following closure of the Spanish Continuous
Market and the New York Stock Exchange.
As for the Spanish and
international institutional tranche, first demand estimates are most
satisfactory. A large number of Spanish and international institutions, such as
banks, fund managers, pension funds and other financial bodies, have expressed
great interest in acquiring Repsol shares.
Roadshows presenting this deal
to the main financial market places in Europe will end on Friday. On Monday,
presentations to U.S.A. institutional investors will
begin.
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