France Telecom floated IPO of 15% of shares of its wireless subsi...
France Telecom floated IPO of 15% of shares of its wireless subsidiary Orange, which ended day on Paris Stock Exchange below lower end of planned offering range of $8.84. Orange shares fell 1.5% on first day of trading Tues.…
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to $8.65. Last week, France Telecom lowered price range for international offering to $8.84- $10.23 range from earlier $11.50-$13.50. Separately, France Telecom reported consolidated operating revenue of $30.9 billion in 2000, 23.7% growth over 1999. Excluding effects of changes in consolidation, revenue climbed 8.1% in year, led by gains in wireless and Internet services. Orange ended year with 30.5 million customers.