Market conditions have forced the Austrian government to sell fewer shares, and far more cheaply than it would have liked, in the initial public offering for Telekom Austria, which is due to start trading in Vienna and New York on Tuesday.
The OIAG, the Austrian state holding company selling its stake in Telekom Austria, said a "difficult market" compelled it to reduce the free float in Telekom Austria and price the shares at the bottom end of an already reduced indicative price range.
