FT.com: Spanish property

There is no better gauge of a market’s health than its appetite for initial public offerings. No surprise, then, that the price announced on Tuesday for the partial listing of Spanish property group Realia Business wound up 26 per cent below the mid point of the initial range targeted
Since March, the sector has taken a battering – even its largest company, Metrovacesa, risks being bundled out of the Ibex 35 index. Astroc Mediterraneo, which has lost 80 per cent of its equity value in the past three months following concerns over its accounts, has also cancelled a €2bn equity raising. In spite of recent falls, many share prices are still more than 10 times above their 2005 levels.