![Piraeus Bank’s Stock Placement Adjusted to 3.9-4.0 Euros](https://www.ot.gr/wp-content/uploads/2024/03/megalou1-2.png)
Piraeus Bank’s stock placement was adjusted to a range of 3.9-4.0 euros from the initial 3.7 euros, reducing the price range by 27%, according to the Hellenic Financial Stability Fund (HFSF), reaffirming once again the strong interest from investors.
This means that the HFSF will raise over 1.3 billion euros with reports indicating that managers have already received orders exceeding 9 billion euros.
The HFSF announced to its Board of Directors, at a meeting on March 5, 2024, the adjusted narrower price range for the international offering. Managers of the international offering have received demand orders far exceeding the Offered Shares within this Narrower Price Range.
Managers of the public offering will inform investors participating in the international offering that applications to purchase Offered Shares below the lower limit of the Narrower Price Range will not be considered for the allocation of Offered Shares.
Sources familiar with the process indicate that both the HFSF and Piraeus Bank’s management will favor offers from institutional investors with a long-term horizon, even if their bids are slightly lower than the upper limit of the given range.
It is noteworthy that, in addition to existing shareholders, strong international investors with significant influence, such as the Norwegian fund Norges and the Dutch fund Robeco, are also participating.
Source: tovima.com
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