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Metrovacesa prices IPO

Metrovacesa SA is set to go public Feb. 6 with an IPO of shares priced at €16.50 apiece, representing the lower end of its reduced price range of between €16.50 and €17.00 per share.

Shares of the Spanish property company will trade under the MVC ticker on the Madrid, Barcelona, Bilbao and Valencia stock exchanges one day later than previously planned.

As part of the IPO process, the majority shareholders — Banco Santander and Banco Bilbao Vizcaya Argentaria SA — have sold 25.8% of the company's capital. BBVA placed 7.7% of the share capital for sale, amounting to a total of 11,619,724 shares, or 26.9% of its stake in the company.

Following completion of the IPO, BBVA's stake will fall to 20.85% from 28.51%. Its interest will amount to 20.08% if it further sells 1,161,972 shares under its greenshoe option.

According to a release, Metrovacesa's market capitalization will be upward of €2.5 billion.

BBVA, Santander, Deutsche Bank and Morgan Stanley were the joint global coordinators and joint book runners for the offering, while Goldman Sachs and Société Générale were its additional joint book runners. CaixaBank, Fidentiis and Norbolsa served as co-lead managers.