Sunday, 19 August 2007

3rd of September: REN in, Cofina out of PSI-20

Last Friday, Euronext Lisbon informed the market that REN will replace Cofina in PSI-20 index. This is a direct consequence of the new revision rules for PSI-20 constitution and derives of the high free float and the high valorisation of REN stocks.

REN is responsible to manage the energy infrastructure of the country, it is still majority held by the state and will, between the end of this year and the beginning of the next, pass trough a second IPO. The first operation concluded in the 9th of July was a success both in terms of revenue for the seller (it was sold out at the high end of the defined price interval) and also for the buyers that, even after the mini-crash of the last days, have a very interesting accumulated return.

Moreover, Euronext Lisbon released the names of top 3 companies in the waiting list to enter PSI-20: Teixeira Duarte, Banif and Martifer.

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