VGP sets IPO price at 15.25 euros - report

...range, the news wire of Belgian business daily De Tijd said on Thursday.

VGP, whose shares are set to trade on Euronext Brussels and in Prague on Friday, plans to issue 50 million euros of new shares, with a possible supplement of 15 percent.

The company scaled back its initial public offering (IPO) from the 150 million euros initially planned. With certain parties related to the founders committing to subscribe for 41.5 million euros, the remaining portion on offer is small.

VGP had set an indicative price range of 15.25-16.75 euros.

VGP and global coordinator and bookrunner KBC Securities said the final price would be communicated later on Thursday.

The real estate group, whose tenants include Ikea, Siemens and TNT, said it planned to use the IPO proceeds to invest in land in the Czech Republic, Germany, Slovakia, Hungary, Romania and the Baltic States and to finish existing construction.

Belgium's KBC, ING and KBC's Czech unit Patria Finance are arranging the IPO. (Writing by Philip Blenkinsop, editing by Will Waterman) ($1=.6796 Euro)

Keywords: VGP IPO/

[BRUSSELS/Reuters/Finance.cz]