CTT shares start negotiating in Euronext after the success of privatization
CTT – Correios de Portugal, S.A. (ticker symbol: CTT), the leading postal operator in Portugal, celebrates its listing in Lisbon stock exchange. The IPO consists of a secondary sale of up to 70% of CTT’s ordinary shares currently held by the Portuguese State through Parpública, a holding that manages State participations. The company is listing all its capital shares - 150 000 000, valuing CTT at €885 million at the listing date, with an opening price of €5.90. In the IPO, 105 000 000 shares were sold to institutional and retail investors at a price of €5.52. The demand to retail investors was more than nine times the offer. The offering comprised the sale of shares to institutional investors (80% of the offer), as well as to retail investors in Portugal (15%), and to CTT employees (up to 5%). Parpública will keep a minimum stake of 30%.