Telefonica SA (TEF)’s German unit has narrowed the price range for shares being offered in its initial public offering to between 5.50 euros ($7.10) and 5.60 euros, according to terms sent to investors.
Telefonica Deutschland started the share sale with a price range of 5.25 euros to 6.50 euros. The IPO’s books close today.
The sale has received demand from anchor investors at 5.60 euros, according to the terms obtained by Bloomberg News.
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