Portugal's largest builder, Mota-Engil, said on Monday it would list 20 percent of its African business in London, with much of the new stock reserved for holders of its existing shares traded in Lisbon.
Mota-Engil said June 17 was the last day to buy the Lisbon shares to qualify for the offer. The company will also offer shares to institutional investors.
It did not give a date for the listing.
Mota-Engil announced the IPO of the African business last year, seeking to capitalise on strong growth on the continent that has offset a decline at home during Portugal's debt crisis.
Mota made sales of 1 billion euros in Africa last year. It operates in 10 African countries, including Angola, Malawi and Mozambique.
"The group believes that (African) infrastructure expenditure will continue to grow strongly, especially in countries with significant natural resources (particularly in the oil and gas and mining sectors), which presents considerable opportunities for the group," it said.
At 0855, shares in Mota were 4.1 percent higher at 6.130 euros while the Lisbon benchmark PSI20 index was 0.4 percent lower.
Mota said this month it had won a contract to build railway lines and a deep water port terminal in Cameroon worth 2.6 billion euros.
