Portugal will sell part of its stake in oil company Galp at 5.81 euros a share in its initial public offering (IPO) next week, the Finance Ministry said on Saturday, valuing the company at around 4.9 billion euros ($6.18 billion).
The final price for Galp shares is at the upper end of the 5.06 and 6.12 euros interval, at which the government recently announced it planned to sell the company. It will float up to 23 percent of Galp on Oct. 24.
"Demand for Galp shares has been 21 times higher than the available offer," the Finance Ministry said in a statement.
Galp is Portugal's biggest oil company with refining and distribution units in Spain and Portugal as well as exploration operations in Brazil and Angola.
(Reuters, Oct.21)