Shares of Portuguese postal company CTT due to be listed in December

20 November 2013

Shares in Portuguese postal company CTT – Correios de Portugal are due to be listed on the stock market on 5 December of this year, according to the prospectus for the initial public offering (IPO) issued Tuesday by the Portuguese stock market regulator, CMVM.

On the 4 December there will be a special session to establish the results of the IPO and interested investors have until 2 December to place buy orders up to a maximum of 25,000 shares each at a price of between 4.1 and 5.52 euros, according to a Portuguese government decision.

The State, through stake holding company Parpública – Participações Públicas, will sell 105 million shares in CTT, with a nominal value of 0.50 euros each, representing 70 percent of the company.

Of these shares 21 million, representing 14 percent of the company, will be made available to CTT employees and the general public.

For the direct sale to financial institutions the government has earmarked up to 84 million shares representing 56 percent of CTT’s capital. The financial institutions will be required to sell them on the national and international markets.

“The IPO is combined with a sale to a group of banks, made up of Caixa – Banco de Investimento, J.P. Morgan Securities plc, Banco Bilbao Vizcaia Argentaria and Banco Espírito Santo de Investimento, which will be required to sell them on the national and international markets,” the prospectus said.

According to the government’s decision, the State will keep a stake of 30 percent in CTT for 270 days after the IPO or until 15 August 2014.

The Portuguese State is expected to make between 430.5 million euros and 579.6 million euros from this privatisation. (macauhub)

MACAUHUB FRENCH