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AutoWallis public offering starts 

Automotive

A public offering of shares of listed car seller AutoWallis started on Monday with a price range of HUF 107-122, according to a report by state news wire MTI.

The price range for the public offering - the first on the Budapest Stock Exchange's regulated market since 2017 - compares to a 30-day average price of HUF 126.

AutoWallis plans to raise HUF 6 billion-8 bln with the public offering, but could accept oversubscription. It plans to use the proceeds to finance HUF 16 bln-38 bln of acquisitions and business developments in the pipeline.

The company expects institutional investors to buy HUF 5 bln-6.5 bln of its newly issued shares and retail investors to purchase HUF 1 bln-1.5 bln.

AutoWallis plans to issue at most 93,457,943 shares in the offering which runs until November 9.

Brands represented by AutoWallis include BMW passenger cars and motorcycles, Citroen, Dacia, Isuzu, Jaguar, Land Rover, Maserati, MINI, Nissan, Opel, Peugeot, Renault, Ssangyong, Suzuki and Toyota.

Acquisitions and organic growth have lifted the company's sales this year.

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