The Nkr145bn-Nkr166bn (€18bn-€21bn) price tag put on Norwegian oil and gas company Statoil at its initial public offering is a bridge over the gap between valuations suggested by international and domestic institutions.
Premarketing reaction showed that foreign investors believe the Nkr66-Nkr76 bookbuilding range per share is cheap, but domestic funds find it hard to swallow. A banker close to the deal said: "The feedback was very good internationally, but the domestic market was very price-sensitive."
