Banca Cívica is ready for its IPO. The National Securities Market Commission still needs to authorize the project.
The final ok is forecasted for June 22 or 23, and negotiations are expected to begin July 12, according to sources. This is the eve before Bankia makes it market debut, according to the forecast calendar for the SIP de Caja Madrid.
In the past few weeks, the entity has raised significant interest by institutional investors such as the individual ones. It has advertised mostly through its branch network and mostly to its clients. The goal is to raise the minimum purchase from 1,500 to 2,500 euros worth of securities.
This amount is much higher than the one priced by Bankia, who wanted to go public a week later. In its case, the minimum investment is 1,000 euros. In either case, each particular could cash out a maximum of 250,000 euros.
Banca Cívica?s shares in hands of individual investors would be between 50% and 60%, depending on what kind of demand is seen. The company will only sell shares through its internal network of Cajasol, Caja Navarra, Caja Canarias and Caja Burgos and hopes to capture between 850 million and 1 billion euros. Its clients will have to deposit at least half or a little more than half of this amount.
Edited in English by Brandon Dyches and Jose L. de Haro (for comments contact: joseluisdeharo@eleconomista.es)
