Safe hands hold on as shorts chip away at Lenzing re-IPO

16 Jun 2011

Bookrunners for Lenzing, the Austrian fibres company, expressed frustration at the price action in the company on Thursday following its Eu568m Vienna re-IPO, but said they were relieved about exceptionally slim trading volumes that showed the quality of distribution.

The deal had been priced at Eu92 a share on Wednesday evening from a range of Eu92-Eu108, but fell as low on Eu89.03 just after books closed before recovering to end the day at the issue price.

But then on Thursday morning, as European markets continued to fall ...

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