Demand for Repsol shares has surpassed initial
expectations of the Instituto Nacional de Hidrocarburos (INH). At the close of
the Repsol Public Share Offering (PSO) today, Friday, April
7th, provisional data from banks indicate an estimated retail demand for over
250,000 million pesetas.
Of this, 230,000 million pesetas fall under the
general retail tranche and over 20,000 million under the special retail tranche.
Overall, more than 425,000 retail investors have applied for Repsol
shares.
The final offering for the retail tranche amountes to 32 million
shares, when the INH would make full use of the authorization granted by the
Council of Ministers on April 3rd last to place an additional 12 million Repsol
shares.
Demand under the institutional tranche has also been most
satisfactory: all tranches have been well over-subscribed with respect to the
initial allotment of 20.5 million shares.
INH currently owns 40% of
Repsol capital equity. Following this PSO on Repsol shares, State participation
in the Company will fall to around 21%.
The retail and institutional
prices for Repsol shares will be set on Monday, April 10th, and on Tuesday,
April 11th, terms for the pro-rata will be announced. Investors applying for
shares during the first stage of the PSO, from March 21st to April 1st, will
have priority in the pro-rata, which will take place as stipulated in the terms
of the Prospectus.
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