UPDATE 1-Property firm ECM seeks 95 mln euros in IPO

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PRAGUE, Nov 29 (Reuters) - Czech developer ECM Real Estate Investments is looking to raise about 95 million euros through an initial public offering due to be completed by Dec. 5, the company said on Wednesday.

Including a 10 percent over-allotment option, the deal would value the entire company at 212 million euros, according to Reuters calculations, making it the smallest stock on the Prague exchange's main market when it starts trading on Dec. 11.

The firm is offering 1.275 million new shares with maximum price set at 55 euros per share, plus the over-allotment option.

The firm's current owner, Chief Executive Milan Janku will offer an additional 315,000 existing shares in the IPO.

Combined with the sale of the existing shares, the company's free float will be 44 percent after the transaction.

Janku said the company portfolio was valued at 240 million euros and that he expected it to rise to 700 million in 2009.

The offering, the second ever IPO on the Prague market, will run from Nov. 29 until Dec. 5.

Janku said 65 million of the IPO proceeds would go to the company to finance its expansion in the Czech Republic and Russia.

The company plans to pay no dividends for 2006 and 2007.

ECM had 46 million euros in equity and 132.5 million euros in total assets at the end of 2005. ((Reporting by Jan Korselt, writing by Jan Lopatka, editing by Edmund Klamann, Paul Bolding; prague.newsroom@reuters.com; Reuters Messaging: jan.lopatka.reuters.com@reuters.net; +420-224 190 474))

Keywords: ECM IPO/