Market conditions have forced Telenor, the Norwegian telecoms company, to slash the indicative price range for its shares ahead of its IPO and listing on the Oslo Stock Exchange.

Telenor, whose IPO will see the Norwegian government reduce its stake by 21%, is now marketing its shares at a range of Nkr42 (€5.2) to Nkr46. The cut is a reduction of more than 30% on the original Nkr50 to Nkr68 range set by Telenor and its bankers earlier this month.