The Portuguese government aims to raise between €430 million and €580 million from the sale of a70% stake in national postal operator CTT that started today.
The government announced it would sell 105 million shares in the state-owned company for between€4.10 and €5.52 per share. Portugal is selling 10% of CTT shares via an IPO while 60% will be solddirectly to institutional investors. Employees will be able to buy 5% of shares at a 5% discountprice as part of the IPO.
Investors can order shares from today until December 2. The share is due to be officially listedon the Lisbon Stock Exchange from December 5 onwards. The government is committed to retaining a30% stake in the company until August 2014.
CTT, which last year had an 11.5% operating profit margin with operating profits of €81.8million on revenues of €712 million, is seen as a solid and attractive investment, according toexperts.
The IPO is a condition of the EU’s massive €78 billion aid for the financially troubledcountry.
