October 25, 2017 / 7:23 AM / in 10 months

CORRECTED-Bawag shares start trading below IPO price in Vienna

(Corrects to read 47.40 euros, paragraph 1)

VIENNA, Oct 25 (Reuters) - Shares in lender BAWAG began trading at 47.40 euros below their issue price of 48 euros on Wednesday in Austria’s biggest ever listing.

Stakeholders Cerberus Capital Management, and Golden Tree Asset Management used the IPO to reduce their holdings and raise 1.9 billion euros ($2.23 billion).

The 40.3 percent BAWAG listing values the company at 4.8 billion euros.

$1 = 0.8505 euros Reporting by Kirsti Knolle; editing by Jason Neely

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