Danish telecoms operator TDC A/S (TDC.KO) Thursday set the price range for a secondary share sale and concurrent share buyback, while Norwegian insurer Gjensidige Forsikring ASA set a range on its initial public offering valuing it at up to NOK32 billion ($5.3 billion).

TDC said NTC, the private equity consortium that bought it five years ago, is offering up to 241.5 million existing shares, including an overallotment, at 47-56 Danish kroner ($8.40-$10) a share. At the same time, TDC is offering to spend DKK9 billion ($1.6 billion) to buy back existing shares.

The private equity firms hold 88% of TDC and there is a 12% free float among minority holders. After the transaction, Chief Executive Henrik Poulsen said the free float will rise to 40%-45% and that NTC won't sell any of its remaining shares for at least 180 days.

In Norway, investors can buy shares in Gjensidige from the foundation that owns it at a price of NOK54 to NOK64 apiece. Between 25%-40% of the company's stock will be owned by retail and institutional investors and employees after the offer, the company said.

Both transactions will price around Dec. 9, as the IPO market winds down for the year.

Bankers on Thursday said the focus is now on next year's business, though additional block sales of existing shares by large holders are expected in the coming weeks. These kinds of transactions have far outpaced IPO volume in recent months, as selling shareholders have taken advantage of rising stock markets to place deals.

More rights issues are also expected to be announced. The result of Banco Bilbao Vizcaya Argentaria SA's (BBVA) EUR5 billion capital increase to buy 24.9% of Turkey's Garanti Bankasi AS (GAREN.F.IS) is expected to be released by Friday, a person working on the transaction said.

Other completed business this week included a GBP270 million IPO by the John Laing Infrastructure Fund, a vehicle set up to buy an initial portfolio from John Laing Group of 19 operational, global infrastructure public/private partnership projects.

JLIF is the second infrastructure fund to be listed in London this year following GCP Infrastructure Investments Ltd. (GCP.LN), as investors seek to capitalize on a surge in part private-part public projects that are a useful tool for governments trying to cut deficits.

Another, existing investment vehicle, Burford Capital Ltd. (BUR.LN), on Wednesday said it raised an additional $175 million to put toward its strategy of financing commercial litigation.

The company had floated in October 2009 with GBP80 million ($126.5 million).

Two further offerings in London's alternative investments sector are due to be completed next month. BH Credit Catalysts Ltd., run by Brevan Howard Asset Management LLP, will invest in a single credit hedge fund strategy focused on distressed debt and expects to join the main market on Dec. 14.

CQS Diversified Fund Ltd., a vehicle investing in several hedge funds run by London's CQS, expects to join the main market a day later, on Dec. 15.

-By Margot Patrick, Dow Jones Newswires; +44 (0)20 7842 9451; margot.patrick@dowjones.com

(Marietta Cauchi contributed to this article.)
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