NBG stake enchants market

Demand for the 10% stake in the National Bank of Greece was covered approximately nine times on Monday, the first day that the offer book was opened, with the disposal of 91,471,515 shares out of the total of 168.2 million shares controlled by the public.

The price range was set between 7.30 and 7.95 euros per share, while the shares of National had closed on Friday at €7.84. According to information, the demand was strong and the offers submitted to the international book already exceeded the price asked.

This means that the Hellenic Financial Stability Fund can announce that the offers it will henceforth accept on the second or third day will no longer be at the lowest price range of €7.30 per share, but at an intermediate price or even at the highest price of €7.95 per share.

A similar option was qualified for the placement of NBG carried out by the HFSF in November 2023, limiting the price range that was initially set between €5 and €5.44 per share to €5.30-5.44. At that time the state had made available a total of 201.2 million shares – i.e. a stake of 22% – and the offers that had been collected had reached a total of €8.5 billion.

Based on the distribution decided between the Greek public offer and the international one, the 15%, corresponding to 13,720,727 of the offered shares, will be allocated to investors participating in the Greek public offering with the possibility to increase this percentage up to 20%, corresponding to 4,573,576 additional shares on offer (totaling 18,294,303 shares on offer), and 85%, corresponding to 77,750,788 of the offered shares, will be allocated to investors who have subscribed to the international offer.

The HFSF has the right to modify said allocation based on the demand expressed during each part of the offer, provided that any modified allocation of the offered shares between the international and the Greek offer will not result in the Greek one receiving below 15% of the offered shares.