Spanish Atento float in doubt

THE €1.15bn (£1.02bn) float of Atento, the call centre unit of Spain’s biggest telecoms company Telefonica, was in doubt last night after bankers had to slash the offer price to lure investors.

STJ Advisors, the boutique capital markets bank that has in the past accused larger banks of undervaluing floats, is advising on the deal, with Goldman Sachs and Citigroup among the book-runners.

Telefonica confirmed that the banks had abandoned the €19.25-€25 price range in favour of a lower fixed price of €17.25, and that it has pushed back its listing timetable by one day.