MADRID, June 30 (Reuters) - Spanish mid-sized bank Unicaja shrugged off concerns that its initial public offering (IPO) would be hit by the recent buffeting of the wider sector, its shares rising by as much as 9 percent on Friday’s debut.
The IPO had been cast into doubt by this month’s rescue of Banco Popular by Spain’s biggest lender Santander , but Friday’s listing raised 687.5 million euros ($784.2 million) from the sale of 40.4 percent of its capital.
“I think we did the right thing in going ahead with our flotation, as we are seeing,” Unicaja CEO Enrique Sanchez del Villar told journalists in Madrid.
By 12.17 GMT the shares were up 6.9 percent at 1.176 euros, giving the lender a market value of 1.82 billion euros. With 57 billion euros of assets, it controls 2 percent of Spanish deposits.
Unicaja is Spain’s fourth big listing this year, joining real estate company Neinor, industrial group Gestamp and cash management business Prosegur in looking to tap investor interest in Spain’s fledgeling economic recovery. ($1 = 0.8767 euros) (Reporting By Jesús Aguado; Editing by Paul Day and David Goodman)