MADRID, April 25 (Reuters) - Spanish real estate company Azora Altus plans to list around 52 million shares, including a greenshoe option to sell more, at an indicative price of 9.62 euros ($11.74) per share on May 11, the company said in its listing prospectus published on Wednesday.
Azora, which had assets under management in excess of 4.4 billion euros as of the end of 2017, and is targeting 8 billion euros by 2022, said book-building for the near 500-million-euro initial public offering (IPO) would be around May 9.
Spain has been recovering from a steep economic slump since 2013 after a burst property bubble sent hundreds of real estate companies into liquidation and left millions out of work.
House prices, which fell around 40 percent on average during the crisis, have since began to rise as pent up demand restarts the battered housing market, prompting real estate companies, such as Metrovacesa, to return to the market.
The listing, managed by Goldman Sachs and UBS, includes the issuance of 47.25 million new ordinary shares, which could be extended by 10 percent, the filing said.
The company said it aimed to pay at least half its annual funds from operations (FFO) in dividends once operation results had stabilized, expected by 2022.
Azora Altus, founded in 2003, Azora had revenues of 77.6 billion euros and earnings before interest, tax, amortisation and depreciation of 37.4 million euros in 2017. ($1 = 0.8194 euros) (Reporting by Jose Elias Rodriguez; Writing by Paul Day Editing by Julien Toyer)