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Spain’s national aviation authority, AENA, has set a top-of-the-range price of 58 euros ($65) euros per share for the company’s partial privatization this week, valuing the company at some 8.7 billion euros ($9.8 billion).
The initial public offering of 49 percent of AENA’s stock begins Wednesday and will bring in some 4.3 billion euros for the government.
The government will retain a 51 percent stake in AENA, keeping it state-controlled.
The vast majority of shares have been offered to institutional investors and a small percentage to retail investors.
Public Works Minister Ana Pastor on Tuesday described the partial privatization and the high share demand as an “important success.”
AENA operates 46 airports.
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