Spanish property developer Metrovacesa SA has slashed its listing price and delayed its stock market float by one day in what Reuters termed "a negative sign" for the property sector in Spain.
Metrovacesa on Feb. 1 cut its listing price range to between €16.5 and €17 per share from a previous range of between €18 and €19.5 per share. The company also said it intends to list Feb. 6, one day later than previously planned, and did not give a reason, Reuters noted.
The news outlet also pointed out in its Feb. 2 report that the new listing price values the company at up to €2.57 billion, which is below its net asset value of €2.69 billion. The previous listing price implied an estimated total market capitalization of between €2.73 billion and €2.96 billion.
BBVA, Santander, Deutsche Bank and Morgan Stanley are acting as the joint global coordinators and joint book runners for the offering. Goldman Sachs and Société Générale are acting as additional joint book runners.
