UPDATE 1-Developer ECM rises 9.6 pct in Prague bourse debut

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PRAGUE, Dec 7 (Reuters) - Shares in real-estate developer ECM Real Estate Investments <ECMPsp.PR> rose 9.6 percent in their trading debut on Thursday, only the second-ever initial public offering (IPO) on the Prague Stock Exchange.

ECM shares rose as much as 10 percent to 1,450 crowns shortly after opening before dipping back to 1,446.6 at 0906 GMT, compared with their IPO price of 1,318 crowns.

Including the potential greenshoe option and the sale of existing shares, the offering will raise 80.75 million euros ($107.3 million) and values the company at 262.7 million euros.

The company focuses on real-estate investment in the Czech Republic and is expanding in Russia.

"Small clients have an interest and that can be seen. Most retail clients were cut back a lot in the IPO process and now they are trying to buy even at these higher prices," said Wood & Company trader Jan Pavlik.

The market price valued the company at $382 million including the greenshoe option and outstanding warrants which can be transferred to shares.

It made it the smallest of the 10 stocks traded on the premium market-maker-based trading segment of the Prague bourse.

The company said its offering to institutional investors, which made up 90 percent of the combined offerings, was more than four times oversubscribed and retail offering gathered 6.6 times higher interest than the amount of shares on offer. ((Reporting by Marek Petrus and Jan Lopatka, editing by Quentin Bryar;

Reuters Messaging: rm://marek.petrus.reuters.com@reuters.net; e-mail: prague.newsroom@reuters.com or marek.petrus@reuters.com; Tel: +420 224 190 477))

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Keywords: ECM IPO/DEBUT