The Croatian government has announced that the share price for the IPO of a 32.5% state-owned stake in incumbent telco T-Hrvatski Telekom (T-HT) will be HRK265 (USD52), according to reporter.gr quoting Erste Securities. The decision puts the stock much closer to the previously announced lower price limit (HRK245) than the upper limit (HRK320), and is below any predictions by local analysts. The final number of citizens subscribing to the IPO since its launch on 17 September was 358,404, around 8% of the population, paying a total of HRK12.2 billion for 25% of T-HT’s total shares. According to local press reports, this high interest will cause share packages to be cut by approximately 53%, making the average package for retail investors around HRK15,100. Among institutional investors (which received 7.5% of total shares in the telco), 65% of shares will be distributed to foreign investors, while domestic investors will get 35%. T-HT’s shares are scheduled to be listed on the Zagreb and London stock exchanges on 5 October. T-HT is 51% owned by Deutsche Telekom; the Croatian state previously transferred a 7% stake to a war veterans’ fund.