By Construction Europe27 February 2008
Strabag SE, Austria's largest contractor, raised € 1.33 billion (US$ 1.91 billion) in its October Initial Public Offering (IPO) of shares. It sold 28.2 million shares – 25% of its capital –for € 47 (US$ 65.8) each in the biggest stock market debut in Austrian history. Existing private share holders sold 9.2 million shares, while 19 million new shares were issued, 3 million of which had been set aside as an over-allotment option.
In the event, Strabag says it had 10 times more applications for shares than it could meet.