Demand under the Public Share Offering
of Repsol shares has amply surpassed initial expectations of the Instituto
Nacional de Hidrocarburos (INH) in the retail and institutional
tranches.
Overall demand for shares under the retail tranche amounted to
247,658 million pesetas: 229,185 million pesetas under the general retail
tranche and 18,473 million pesetas under the special retail tranche. At the
established retail price (3,448 pesetas per share), total demand for the retail
tranche was for the equivalent of 72.1 million shares. Thus, orders were made
for more than 40.1 million shares in excess of the offering for the retail
tranche, set at 32 million shares.
As far as the institutional tranche is
concerned, this showed a demand for shares worth 282,309 million pesetas. 40,063
million pesetas of this came under the Spanish tranche; 50,647 million under
that for Continental Europe; 81,258 million pertain to the United Kingdom
tranche, 104,969 million to the United States tranche and 5,372 million to that
for the Rest of the World. At the established institutional price (3,620 pesetas
per share), overall institutional demand was for 77.9 million shares. Therefore,
institutional applications surpassed the offer by 52.9 million shares, as 25
million shares were allotted to this tranche, including the Underwriters'
purchase option (green-shoe).
The global offering finally consisted of 57
million Repsol shares. The strong demand registered from the beginning made it
necessary to increase the retail tranche by 12 million shares. In terms of size
and the number of investors, this third Repsol privatisation is the most
important transaction ever carried out in Spain.
| REPSOL III: MAIN
HIGHLIGHTS |
| |
Real
Demand Mill.pesetas |
Final
Allotment Mill. pesetas |
Over-subscription (No. of times) |
| MINORITY TRANCHE |
247,658 |
109,578 |
2.26 |
| General |
229,185 |
97,923 |
2.34 |
| Special |
18,473 |
11,655 |
1.58 |
| INSTITUTIONAL TRANCHE |
282,309 |
90,500 |
3.12 |
| Spain |
40,063 |
|
|
| Continental
Europe |
50,647 |
|
|
| United
Kingdom |
81,258 |
|
|
| United
States |
104,969 |
|
|
| Rest of the
World |
5,372 |
|
|
| TOTAL |
529,967 |
200,078 |
2.64 |
Prices Applied:
- General Retail
3,448 pesetas
- Institutional 3,620 pesetas
Because applications for shares under
the retail tranche have exceeded the number of shares allotted to it, the
Instituto Nacional de Hidrocarburos (INH) will conduct a pro-rata, as stipulated
in the Prospectus governing the Repsol PSO.
The increase of 12 million
shares, equal to 4% of Repsol equity capital, made it possible to effect a more
benevolent pro-rata than originally expected, satisfying a considerable amount
of demand from small investors.
Applications made before April
1st
Those investors placing buying orders
for Repsol shares during the first phase of the Offering, from March 21st to
April 1st, will receive the following amounts:
| 1. |
Investors placing
orders for up to 500,000 pesetas will receive between 100% and 63% of the
amount requested. |
| 2. |
Investors placing
orders for between 500,000 pesetas and 1,000,000 pesetas will receive from
63% to 47% of the amount requested. |
| 3. |
Investors placing buying orders
for between 1,000,000 pesetas and 5,000,000 pesetas will receive from 47%
to 22% of the amount requested. |
| 4. |
Investors who have applied for
5,000,000 pesetas to 10,000,000 pesetas will receive between 22% and 19%
of the amount requested. |
Buying orders placed after
April 3rd
Investors making purchase applications
during the second stage of the PSO (from April 3rd to 7th) do not have priority
in the pro-rata, and will receive between 55% and 16% of the quantity
desired.
Of the underwriters taking part in the retail tranche of this
Offering, the following registered the greatest demand for shares: BBV with
applications for 11,198,977 shares, Santander Group with 9,917,797, BCH with
8,172,404, Caja Madrid with 6,106,967 and Argentaria with
4,252,956.
|