Alteo IPO sells fewer shares than planned

Telco

Hungarian energy firm Alteo sold a total of 106,672 shares through an initial public offering (IPO) that closed yesterday, the company announced in a disclosure on the website of the Budapest Stock Exchange, Hungarian news agency MTI reported. The figure fell well short of the planned sale of 300,000 shares.

With the IPO, the company was able to raise HUF 523 million, calculating with a maximum price of HUF 4,900 per share, compared to the HUF 3 billion Alteo aimed to raise from the sale. 

A private placement for institutional investors coincided with the IPO, MTI reported, adding that the total number of shares in both sales was capped at around 900,000.

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