Novatours sets max IPO price at €13.5

WSE-bound Baltics tour operator Novaturas has set its maximum issue price for retail investors at €13.5 apiece. The price for institutional investors may be higher, the firm noted and will depend on the market conditions. Novaturas will sell up to 50 percent stake (3.9 million shares) and the offering will be conducted simultaneously in Warsaw and on Nasdaq Vilnius stock exchange. Novaturas may offer an additional stake of up to 1.25 million existing shares (16 percent), in the event of “significant” demand. As many as 10 percent of all offered shares will be sold to retail investors. The remaining shares held by the existing minority shareholders will be subject to a 540-day lock-up, while shares held by CETO will be subject to a 180-day lock-up from the first listing on the WSE and on Nasdaq Vilnius. Novaturas also pledged to refrain from new share issues for at least 360 days following the debut.