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Half of CIG Pannónia shares on offer sold in first two days of IPO

Retail investors on Monday and Tuesday subscribed for about half the shares that CIG Pannónia Life Insurance is floating in the company's initial public offering from October 11 to October 22, the economic daily Napi Gazdaság reported on Wednesday.

The newspaper said that CIG Pannónia had generated about HUF 6 billion of the total expected HUF 10 billion – HUF 12 billion in fresh capital during the first two days of the IPO.

CIG Pannónia is planning to issue at most 10,850,000 shares during the IPO, and the company's existing shareholders would sell an additional 1,950,511 shares, or 3.8% of share capital, in the offering.

The shares, which have a nominal value of HUF 40 each, are offered at a price of HUF 938 per share in the retail subscription between October 11 and 22. CIG Pannonia policy holders will enjoy a discount and pay no more than HUF 750 per share. The shares unsold in the retail subscription will be available to institutional investors through a book-building on October 25. The final price will depend on the institutional offering. (MTI-Econews)