RPT-Czech ECM IPO priced at 47 euros/share

(Repeats story published late on Wednesday)

By Jan Lopatka

PRAGUE, Dec 6 (Reuters) - Shares in Czech real estate developer ECM Real Estate Investments <ECMPsp.PR> were priced at 47 euros in an initial public offering, selling agent Ceska Sporitelna said on Wednesday.

Market sources said demand was more than four times the offering, the first IPO in two years and the second-ever on the Prague Stock Exchange after drug maker Zentiva <ZNTVsp.PR>.

The offering consisted of 1.275 million new shares, plus 0.128 million in over-allotment, and 0.315 million existing shares. The price range had been 41 to 55 euros per share.

The IPO price puts the company's market capitalisation at 262.7 million euros ($349 million), including the potential over-allotment and outstanding warrants transferable to shares.

Including the over-allotment, the company would raise a gross 65.9 million euros.

One source said overall demand in the offering lead-managed by CA IB reached 4.5 times the shares on offer and demand at the final price was 3.6 times the offer.

Sporitelna said the price equalled 1,318.30 Czech crowns, the currency in which it will debut on the Prague Stock Exchange on Thursday.

The Prague Stock Exchange said market makers for ECM would be Atlantik Financni Trhy, Ceska Sporitelna, FIO, HVB Bank Czech Republic, Patria Finance and Wood&Company.

"This is an appropriate price," said analyst Petr Bartek from brokers Cyrrus, adding there was potential for gains after the debut given the overhang of demand in the IPO.

He said he estimated the price to be 1.5 times net asset value (NAV) per share at the end of this year.

That would compare with about 1.4 times first-half NAV for competitor Orco <ORCOsp.PR>.

Sporitelna said that of the 1.59 million shares sold so far, 159,000 went to retail investors in the Czech Republic and 1.43 million to institutional investors outside the United States.

ECM's free float after the share offering will reach up to 44.47 percent, if the over-allotment option is exhausted. The rest is held by Chief Executive Milan Janku.

The company plans to use the proceeds to finance deferred payments of a share buyback, debt and general corporate purposes.

The firm has said it plans to expand in the Czech Republic and Russia. ((Reporting by Jan Lopatka, editing by Paul Bolding/Sue Thomas; prague.newsroom@reuters.com; Reuters Messaging: jan.lopatka.reuters.com@reuters.net; +420-224 190 474))

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Keywords: ECM IPO/