Slovak Telekom IPO Price Range Tightens, Source Says -- Update

By Leos Rousek

PRAGUE--Slovak Telekom, 51%-owned by Deutsche Telekom AG (DTE.XE), has tightened its offer price range for the remaining 49% stake set to be sold by the state, a person close to the transaction said Wednesday.

The new price range is 17.7 euros ($19.9) to EUR19.50 per share, compared with the previous wider range of EUR17.70 to EUR23.6 a share, the person, who asked to remain anonymous, told the Wall Street Journal.

The subscription period for the shares is due to expire midday Wednesday, with trading due to start May 12.

The offering is oversubscribed at this revised price range, the person said.

The new price range would still set the minimum value for the Slovak fixed line and mobile telecommunications company at EUR1.53 billion ($1.71 billion) and the state's stake at EUR750 million.

The Slovak Industry Ministry is overseeing the state-held shares in Slovak Telekom.

Officials at Slovak Telekom and Industry Ministry declined to comment on the IPO process.

The ministry is due to hold a news conference on the offering's results Thursday, its spokesperson said.

Deutsche Telekom isn't selling its Slovak Telekom stake in this initial public offering on Bratislava and London stock exchanges.

Citigroup and J.P. Morgan are acting as joint global coordinators and joint bookrunners, while Erste Group and Wood & Co. are acting as joint lead managers, the Slovak company said. The Slovak Telekom shares will also trade in Prague following their floatation in London and Bratislava, Erste and Wood said.

Write to Leos Rousek at [e-mail]

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