An initial public offering (IPO) on the Athens stock exchange by Greek wind plant developer-operator Terna Energy was 3.5 times oversubscribed, with the majority of buyers being European and American mutual funds. The flotation in November raised EUR 300 million in exchange for 30.6 million shares, representing 36% of the company. Subsequent trading was hit by the fall-out from the US sub-prime crisis. In a volatile market, the share price dropped from EUR 11 at the IPO to EUR 10.46 on the first day of trading and then drifted down towards EUR 8 in mid-December. Managing Director Emmanuel Maragoudakis explained that the fall was a global reaction as investors decreased their equity holdings and nothing to do with the fundamentals of Terna. Of the money raised, around 50% will be invested in wind power projects in Greece and 16% abroad, particularly in its Balkan neighbours and China.