A public offering on Thursday of National Bank of Greece (NBG) shares by the Hellenic Financial Stability Fund (HFSF) was covered eight-fold, according to initial reports in Athens just after the offer book was closed.
What’s next is an announcement regarding the distribution of shares to investors and the price per share that the latter must pay.
The most probable scenario is that the highest price set by HFSF, 5.44 euros per share, will be reached, or one slightly lower. Most analysts believe that the price will not fall below 5.30 euros per share.
A 22-percent equity stake in ATHEX-listed NBG was sold off by the HFSF, the independent entity vehicle established under Greece’s first sovereign bailout with institutional creditors to help stabilizing the country’s banking sector in the early stages of the debt crisis.
Revenue from the offer is expected to exceed one billion euros.
