Spanish IT systems and defense electronics company Indra Sistemas debuted on the Madrid and Barcelona stock exchanges yesterday, following an initial public offering (IPO) by the government of 66% of its stock.
The price for Indra’s shares had been set Monday at 8.94 euros ($9.75) for both institutional and private investors, with the latter being limited to a maximum of 50 shares each. The IPO opened with 43.9 million shares offered, but another 4.8 million were added at the beginning of this week due to greater-than-expected demand from private investors.
The state organ responsible for all its shareholdings, SEPI, will net roughly $476m from the sale. The company’s stock was well received, rising to 9.25 euros ($10.09) by lunch time in Madrid.
