Bankia and Banca Cívica are continuing with their IPO plans. Doubt about Greece has not changed these companies´ intentions, and yesterday their administrative advisors approved both operations. The deals are critical for rebuilding confidence in Spanish banks. Banca Cívica anticipates that its IPO will bring 3.6 billion euros. If demand is any greater, this figure could increase to 4.0 billion. But if it is less, it could drop to about 3.4 billion.
The company?s goal is around the average of initial predictions that settled somewhere between 3.0 and 4.0 billion.
According to sources familiar with the deal, Bankia´s debut will likely happen between July 15 and July 18. The Comisión Nacional del Mercado de Valores (a Spanish organization similar to the SEC) has to authorize a handout by the end of today or tomorrow at the latest.
Banca Cívica, the group led by Cajasol and Caja Navarra, anticipates that the CNMV will give their approval either today or tomorrow. Banca Cívica seems obligated to postpone for one week because of informational petitions from the stock market supervisor.
The company is trying to sell between 25% and 40% of its capital. Everything will depend on the final sale price, which could end up at a 60% discount on book value.
Edited and Translated in English by Brandon Dyches and Jose L. De Haro