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Terra IPO price set
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November 16, 1999: 5:31 a.m. ET
Europe's largest Internet company to float Wednesday, valued at $3.7B
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LONDON (CNNfn) - Terra Networks sold its shares to institutional investors at the top of the recently revised price range Tuesday, one day before joining the stock market as Europe's biggest listed Internet company.
Strong demand will force institutional investors to pay 13 euros per Terra share in the initial public offering, valuing the company at up to 3.6 billion euros ($3.7 billion).
Retail investors will pay 11.81 euros per share in the company, which is being floated by Spain's dominant telecom operator Telefónica. Terra is an Internet access provider, providing services to Spain and Latin America.
Terra is floating a quarter of its capital, selling the stock to international and domestic institutions and retail investors.
The issue, earmarked for a hot opening in Madrid and on Nasdaq Wednesday, will be Europe's biggest listed Internet company, leapfrogging Britain's Freeserve (FRE).
-- from staff and wire reports
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