The Hellenic Financial Stability Fund (HFSF) intends to raise the price of the divestment from the National Bank, adjusting the price range it will accept, according to sources. The fact that the placement was oversubscribed 11 times and the quality of the interested investors “point” in this direction.
More specifically, the Fund is expected to make a new announcement on Wednesday, through the Capital Market Commission, narrowing the range of the offered prices. According to “Naftemporiki” sources, the board of directors of the Fund is expected to meet early in the morning in order to be briefed by JP Morgan on the details of the offers during the first two days of the book building process.
In particular, focus will be placed on the investment horizon of the prospective investors, the number of the offers, as well as the amount of the offered prices. This last factor will determine the price range, since, of course, the submitted bids exceed a certain threshold.
According to a previous announcement, the range was set between 7.30 and 7.95 euros against a closing price of 7.844 euros on the last trading day of the stock on the Athens Stock Exchange on October 27.
The HFSF essentially pressures interested investors to raise their offers with the aim of maximizing the benefit of the State from what appears to be the last disinvestment transaction through this method. It is noted that the placement ends on Wednesday, at 4 pm, and then the HFSF is expected to meet again in order to decide the allocation of shares based on the offers that have been collected.
