Finnish real estate firm Kojamo valued at $2.5 billion in IPO: Reuters

Finnish real estate company Kojamo Oyj on Thursday was valued at 2.1 billion euros ($2.5 billion) in its initial public offering ahead of its market debut on Friday.

Kojamo, which had properties worth 4.9 billion euros as of end-March, announced its IPO last month, aiming to boost growth and broaden its ownership base.

The IPO was oversubscribed and the price was set at 8.50 euros per share, compared with an initial range of 8.50-10.00 euros, the company said in a statement.

Kojamo expects gross proceeds from the IPO of about 150 million euros.

Kojamo’s largest owners, including pension funds Ilmarinen and Varma and Finnish trade unions, also sold shares in the IPO but remained as shareholders.