Telefonica O2 makes decent debut in largest European IPO of 2012

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Telefonica O2 makes decent debut in largest European IPO of 2012

30-10-2012 10:07

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Europe's largest initial public offering (IPO) in over a year got under way on Tuesday morning, with shares of Telefonica O2 debuting on the Frankfurt Stock Exchange.

It seems as if the stock has made a positive start, trading as high as €5.75 in early trading, up 2.68% from the IPO price of €5.60. Trading volume is judged to be modest, according to several traders.

The shares officially began trading at 08:00 London time with the price moving between €5.63 and €5.75.

Yesterday, Spanish parent company Telefonica set the IPO price at the bottom part of the indicative range.

It expects to raise €1.45bn in order to reduce debt and maintain an investment-grade rating.

Telefonica was trading 0.7% higher at €10.14 in Madrid.

SB

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