cintra ipo

Good news for MIG
Spain Cintra Sets IPO Maximum Retail Price At EUR8.8/Shr
MADRID (Dow Jones)--Spanish public works company Cintra said late Tuesday it has set a maximum price for retail investors of EUR8.8 a share for its initial public offering.

Oct. 8, Cintra set a non-binding price range of EUR8.24 to EUR8.8 a share for the offering, valuing the company between EUR4.03 billion and EUR4.32 billion.

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Cintra is preparing to sell 38% of its share capital in a deal expected to raise between EUR1.53 billion and EUR1.64 billion. It is expected to be the largest IPO this year in Spain.

The stake of the company to be sold includes shares owned by Australian firm Macquarie Infrastructure Group (MIG.AU), accounting for 28% of the share capital, and 42,243,527 new shares.

Spanish construction company Ferrovial SA (FER.MC) will remain as Cintra's majority shareholder with a 60% stake.

Cintra said it will sell 37.4% of the shares to Spanish retail investors, 0.1% to employees and 15% to Spanish institutional investors. The remaining 47.5% will be sold to foreign investors.

Cintra will set its final IPO price, including the institutional price, Oct. 25 and its shares will begin trading on the Madrid stock exchange Oct. 27.