High demand for a placement by Mytilineos group, corresponding to 3.15% of the Greece-based industrial group’s share capital, was reported by market analysts this week.

The ATHEX-listed group plans to sell-off 4.5 million shares.

The shares will be placed by two companies controlled by the group’s CEO, Evangelos Mytilineos, namely, Frezia Ltd. and Kilteo Ltd. The latter two companies control 26.5% of the group’s share capital.

According to reports, the discount for the placement is expected to hover at between 7% to 8%, with a price per share at 36 euros, and with the resulting transaction to be worth 160 to 170 million euros.

A target price for the Mytilineos share recently jumped to above 45 euros.

Others reports state that the distribution of shares is part of a plan to open the door to other major investments in the group’s share capital.