Hungarian IT services company Synergon Informatika Rt’s Global Depository Receipts have begun trading on the London Stock Exchange’s SEAQ International. Meanwhile the price has been set for its initial public offering prior to listing on the Budapest stock exchange, which will take place on May 5.
The price for the 400,000 shares in the domestic tranche of the offer was set at 2,700 forints ($11.44), with the shares being offered to Hungarian retail and institutional investors. The tranche is subject to different legislation, so that only a maximum price of 3,250 forints ($13.77) was put on that segment.
Meanwhile, the price for the international tranche of 3.6m GDRs was set at $11.47, i.e. approximately midway in the original price range of $10.60-$13. A spokesperson for lead manager Nomura Securities said a further 600,000 shares are available in a greenshoe option, should the company decide to exercise it. The offering was more than five times oversubscribed.
The 4 million shares, comprising 2.3 million new and 1.7 million existing ones, represent a total of 42% of Synergon’s capital. Nomura said 10% of the demand for the shares had come from Hungarian institutions, 30% from the US, 20% from the UK, 30% from other countries in Europe and 10% from the rest of the world.
