After five years out of the stock market, Metrovacesa returned on February 6 via a public share offering earmarked just for qualified investors. The property company’s shares are currently trading at 14.11 euros each, with a big discount to NAV.
Metrovacesa return market
Amidst the market turbulence of the last few days, Metrovacesa returned to the stock exchange through the back door. Between the fact that its share offer was already somewhat jinked (after it was forced to reduce the price due to a lack of investor appetite) and that yesterday’s session was dominated by fear, the property firm’s shares fell 3% on their debut.
The price for Metrovacesa’s return to the stock market will be in the range of €18,0/€19,5 per share, implying an initial market capitalisation of between €2.730 billion and €2.957 billion.
Property firm Metrovacesa, controlled by BBVA and Santander, has confirmed it will return to the stock market via an IPO of its shares amongst institutions.