Spanish lender Bankia is selling shares worth €3-3.3 billion in an initial public offering (IPO), Financial Times reports. Following the IPO, Bankia’s parent BFA will own a 50% stake in the listed company.
The bank will issue the shares to retail banking clients and institutional investors in a 60:40 ratio. The bank previously sought to raise €4.2 billion from the offering. Bank of America Merrill Lynch, Deutsche Bank, JP Morgan, UBS and Bankia itself are managing the IPO, adds Reuters.
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