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Public offerings

The first public offering of shares of a state-owned enterprise took place in 1986, specifically for 39% of the capital of Gas y Electricidad, S.A. (GESA), an affiliated company of ENDESA. This public offering was followed, in 1987, by that for 29% of the capital of ACESA, which already had a tranche for retail investors. However, the first two large transactions took place in 1988 for 18% of ENDESA's shares and, in 1989, for 26% of the social capital of REPSOL, both with significant retail investors' tranches.

Of the 29 public offerings which have involved state-owned enterprises made up to now, which have raised a total net income of around 32,000 Million Euros, the largest took place in 1997 and 1998. Special mention must be made to the 2 which SEPI carried out for ENDESA's total privatization, especially the last one, on June 1998, when it put on sale more than 312 Million shares, which represented 30% of the capital. This public offering, in which 80% of the shares were earmarked for the retail tranche, raised more than 6,000 Million Euros.

In the previous public offering of ENDESA, in October 1997, more than 260 Million shares were sold (25.44% of the capital), 67% of them among retail investors, with a turnover of more than 4,000 Million Euros. Other large public offerings were those made by SEPPa for those companies in which Patrimonio had a shareholding: Telefónica, in February 1997, for 20.9% of its shares, with a turnover of about 3,700 Million Euros; Argentaria, in February 1998, for 29.2% of its capital, with 2,200 Million Euros raised; Tabacalera, in April 1998, for 54.43% of its shares, and with a turnover of around 1,700 Million Euros.

Mention must be made also during those years due to its size the public offering made by SEPI in order to the final privatization of Repsol, in April 1997, which was its sixth public offering, for 10% of its capital, with a turnover of more than 1,000 Million Euros; and that for 52.76% of Aceralia, with which it raised about 800 Million Euros. The last large public offering has been that for the 48.2% of Iberia's capital, with about 443 Million shares on sale, 67% of which were earmarked for retail investors, which raised about 500 Million Euros.

Up to a total of 10 of these deals have been carried out by SEPI, and another 10 by Patrimonio, 4 by the Sociedad Estatal de Participaciones Patrimoniales. INI made 5, and INH the remaining 4.

Besides the public offerings, other sales have been carried out in the Stock Exchange. This is the case of the sale of 5,882,959 shares in Altadis, S.A., resulting from the green shoe which was not exercised in the public offering for Tabacalera, carried out in April 1998, which SEPI made in 2005 through a 'Bought Deal' procedure.

Also in 2005, applying the same 'Bought Dea' procedure, SEPI carried out the sale of 11,497,950 shares in Red Eléctrica de España, S.A. (REE), which represent 8.5% of the capital of this company.

Equally, through public offerings, SEPI sold in 2005 the 1,063,636 shares (5.06%) in Aldeasa which it owned as a result of the non-executed green shoe in the public offering which took place in 1997, and again, in 2007, the participation which it held in Endesa, 31.2 Million shares (2.95% of the capital), from the green shoe of the public offering in June 1998 which was not exercised by the global coordinating entities in that deal.

Year Company Capital (%) Agent Tranche
1986 GESA 38 INI Institutional
1987 ACESA 29 Patrimonio Institutional and retail
TELEFÓNICA 6 Patrimonio Institutional
ENCE 40 INI Institutional
1988 ENDESA 18 INI Institutional and retail
1989 REPSOL 26 INH Institutional and retail
1992 REPSOL 8,6 INH Convertible bonds
1993 REPSOL 13,3 INH Institutional
ARGENTARIA 24,99 Patrimonio Institutional and retail
ARGENTARIA 23,35 Patrimonio Institutional and retail
1994 ENDESA 10 INI Institutional and retail
1995 REPSOL 19 INH Institutional and retail
ENCE 18 INI Institutional
TELEFÓNICA 12 Patrimonio Institutional and retail
1996 REPSOL 11 SEPI Institutional and retail
ARGENTARIA 25 Patrimonio Institutional and retail
GAS NATURAL 3,81 SEPI Institutional
1997 TELEFÓNICA 21,9 SEPPa Institutional and retail
REPSOL 10 SEPI Institutional and retail
ALDEASA 80 SEPPa Institutional
ENDESA 25 SEPI Institutional and retail
ACERALIA 52,8 SEPI Institutional and retail
1998 ARGENTARIA 29,2 SEPPa Institutional and retail
TABACALERA 52 SEPPa Institutional and retail
ENDESA 30 SEPI Institutional and retail
1999 INDRA 66,09 SEPI Institutional and retail
Red Eléctrica 31,5 SEPI Institutional and retail
2001 IBERIA 48,2 SEPI Institutional and retail
ENCE 26 SEPI Institutional

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