UPDATE 1-Czech ECM IPO priced at 47 euros/share-sources

(Adds demand, quote, valuation)

PRAGUE, Dec 6 (Reuters) - Shares in Czech real estate developer ECM Real Estate Investments <ECMPsp.PR> were priced at 47 euros in an initial public offering, three market sources told Reuters on Wednesday.

The sources said demand was more than four times the offering, which consisted of 1.275 million new shares, 0.128 million in over-allotment, and 0.315 million existing shares. The price range had been 41 to 55 euros per share.

The IPO price puts the company's market capitalisation at 262.7 million euros, including the potential overallotment and outstanding warrants transferable to shares.

Including over-allotment, the company would raise a gross 65.9 million euros.

One source said overall demand reached 4.5 times the shares on offer and demand at the final price was 3.6 times the offer.

ECM, lead manager of the issue CA IB and selling agent Ceska Sporitelna all declined to comment on the pricing.

The stock is expected to debut on the Prague Stock Exchange on Thursday, becoming the first IPO in more than two years and only the second in the bourse's history.

"This is an appropriate price," said analyst Petr Bartek from brokers Cyrrus, adding there was potential for gains after the debut given the overhang of demand in the IPO.

He said he estimated the price to be 1.5 times net asset value (NAV) per share at the end of this year.

That would compare with about 1.4 times first-half NAV for competitor Orco <ORCOsp.PR>.

ECM's free float after the share offering will reach up to 44.47 percent, if the over-allotment option is exhausted. The rest is held by Chief Executive Milan Janku.

The company plans to use the proceeds to finance deferred payments of a share buyback, debt and general corporate purposes.

The firm has said it plans to expand in the Czech Republic and Russia.

((Reporting by Jan Lopatka, editing by Paul Bolding; prague.newsroom@reuters.com; Reuters Messaging: jan.lopatka.reuters.com@reuters.net; +420-224 190 474))

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Keywords: ECM IPO/