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Spain's CAM to list retail tranche at 5.84 euros

Mon Jul 21, 2008 2:31pm EDT

MADRID, July 21 (Reuters) - Caja de Ahorros del Mediterraneo (CAM) on Monday set a final price for retail investors of 5.84 euros per share for a planned July 23 placement on the stock market, the first by a government-controlled savings bank.

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CAM had set 5.95 euros as the maximum price of the listing on July 15, but the final figure was at the bottom of its initial price range of 5.84-7.30 euros.

CAM plans to allot retail investors 65 percent of 50 million "participation certificates" -- similar to non-voting shares -- on offer.

The Alicante-based bank aims to raise up to 365 million euros ($582.3 million) by floating 7.5 percent of its "available surplus". (Reporting by Sarah Morris; editing by Ben Harding)

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